All RE5 questions
Key Individual Role of the Key Individual in terms of the FAIS Act
An FSP is licensed for both Category I and Category II. For which categories must its key individual be approved by the FSCA?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) All categories in which the FSP is licensed.Correct
- b) Only one of the categories, at the FSP’s choice.
- c) Only the category assessed as lowest-risk.
- d) Only Category I.
Why this is the answer
A key individual must meet the fit-and-proper (including competence) requirements for every category they manage. To oversee both Category I and Category II business, the KI must be approved for both — not just one or the lower-risk one.
Want to test yourself on 700+ more questions like this?
Start your free RE5 simulator today — timed mock exams, full answer explanations and cloud-synced progress tracking.
More Key Individual questions
- Under the FAIS Act, which combination of roles may one and the same person hold within…
- Abel holds an NQF 5 financial-planning certificate and has run a funeral-services unit…
- George trains financial-services staff but never deals with clients; Jack is a funeral-…
- Which regulatory examination must a key individual pass that a representative-only role…