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Key Individual Role of the Key Individual in terms of the FAIS Act
George trains financial-services staff but never deals with clients; Jack is a funeral-policy call-centre agent who handles client product administration and queries; Jill is a key individual. Who is required to write the regulatory examinations?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Jack and Jill.Correct
- b) Jill only.
- c) Jack only.
- d) All three of them.
Why this is the answer
Regulatory exams are required of key individuals and of representatives who render financial services. Jill (KI) and Jack (who renders intermediary services to clients) must write; George, who only delivers training and never renders a financial service to clients, falls outside the requirement.
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