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Key Individual Role of the Key Individual in terms of the FAIS Act
Farida is the key individual of a Category I FSP. She also personally advises clients, but only on funeral policies (Tier 2). Which regulatory examinations must she pass?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The RE1 onlyCorrect
- b) The RE1 and the RE5
- c) The RE5 only
- d) Neither examination
Why this is the answer
The RE1 is required of key individuals. The RE5 is required of persons who render financial services on Tier 1 products. Because her own advice is limited to Tier 2 products she is exempt from the RE5, but nothing exempts a key individual from the RE1.
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