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Key Individual Role of the Key Individual in terms of the FAIS Act
Which of these may a key individual of an FSP lawfully do? i) Render financial services to clients as a representative too. ii) Oversee the FSP's compliance with its licence conditions. iii) Allow a debarred person to advise clients in his own name. iv) Manage how the FSP's representatives render their services.
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Statements i, ii and ivCorrect
- b) Statements ii and iv
- c) Statements i, ii and iii
- d) All four statements
Why this is the answer
A key individual may also act as a representative, provided he meets the requirements for that role, and his core function is to manage and oversee the FSP's financial services and its compliance. Letting a debarred person advise clients, under any name, is never permitted.
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