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Key Individual Role of the Key Individual in terms of the FAIS Act
Under the FAIS Act, who carries ultimate responsibility for ensuring that an FSP's representatives remain fit and proper and act within the law?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The FSP, through its key individual(s) who manage and oversee the financial-services activities.Correct
- b) The FAIS Ombud, who supervises each representative day to day.
- c) The product supplier, which employs the representatives directly.
- d) Each client, who must verify the representative’s status before dealing.
Why this is the answer
The FSP — discharged through its key individual(s) — is responsible for managing and overseeing its representatives, including ensuring they stay fit and proper and comply with the law. The Ombud resolves complaints; it does not supervise representatives daily.
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