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Fit & Proper FSP License (Fit & Proper/Operational Ability)
Which of the following is NOT one of the competence requirements in the Fit and Proper requirements?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Completing continuous professional development each cycle.
- b) Having experience relevant to the category of financial services.
- c) Completing class of business training and product-specific training.
- d) Holding professional indemnity insurance cover.Correct
Why this is the answer
Competence consists of experience, a recognised qualification, the regulatory examination, class of business training, product-specific training and continuous professional development. Professional indemnity cover protects clients against the consequences of negligence; it has nothing to do with whether a person is competent.
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