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Key Individual Role of the Key Individual in terms of the FAIS Act
What is the primary responsibility of a key individual under the FAIS Act?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) To manage and oversee the financial services rendered by the FSP and its representatives.Correct
- b) To personally generate the highest sales for the FSP.
- c) To run the FSP’s external marketing campaigns.
- d) To perform the FSP’s annual external audit.
Why this is the answer
A key individual is the natural person responsible for managing and overseeing the FSP's rendering of financial services — the 'mind and management' of its compliance. Top sales, marketing and external audit are different functions.
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