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Key Individual Role of the Key Individual in terms of the FAIS Act
Under the FAIS Act, which combination of roles may one and the same person hold within an FSP?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Key individual and representative.Correct
- b) Key individual and the FSP’s external auditor.
- c) Key individual and the FSP’s independent compliance officer.
- d) Key individual and the building’s health-and-safety officer (as a FAIS role).
Why this is the answer
A key individual may also act as a representative of the same FSP. Combining the KI role with the FSP's external auditor or its independent compliance officer would compromise the independence those roles require; a health-and-safety officer is not a FAIS role at all.
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