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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 (KI) in terms of 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 personally sell the most products for the FSP.
- b) To manage the FSP’s external marketing campaign.
- c) To conduct the annual external audit.
- d) To manage and oversee the financial services rendered by the FSP and its Representatives.Correct
Why this is the answer
The FAIS Act (Sec 1, Definitions) defines a 'Key Individual' as a natural person responsible for managing or overseeing the FSP's activities related to the rendering of financial services. They are the 'mind and management' of the FSP's compliance.
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