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Key Individual Role of the Key Individual in terms of the FAIS Act
Which of these is a key individual NOT permitted to do?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Act as the FSP’s independent compliance officer while also being its key individual, where this compromises the required independence.Correct
- b) Also act as a representative of the same FSP.
- c) Oversee the rendering of financial services.
- d) Ensure representatives meet fit-and-proper requirements.
Why this is the answer
A KI may also be a representative and must oversee services and fit-and-proper compliance. Combining the KI role with the independent compliance-officer function is problematic where it undermines the independence that compliance monitoring requires.
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