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Fit & Proper FSP License (Fit & Proper/Operational Ability)
Jabu was first appointed as a representative for a Tier 1 product on 1 July 2019. He passed the RE5 in 2020 but has still not obtained a recognised qualification by 15 July 2025. What is his position?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) He no longer meets the competence requirements: the qualification was due within six years.Correct
- b) He is compliant, because the qualification is due within ten years of his first appointment.
- c) He is compliant, because passing the regulatory examination replaces the need for a qualification.
- d) He remains compliant for as long as he continues to work under supervision.
Why this is the answer
A representative must obtain a recognised qualification within six years of the date of first appointment; for Jabu that was the end of June 2025. The regulatory examination and the qualification are separate requirements, and supervision does not extend either deadline. The FSP may no longer allow him to render those services.
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