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Fit & Proper FSP License (Fit & Proper/Operational Ability)
Refilwe was first appointed as a representative for a Tier 1 product on 1 February 2021. She had neither the regulatory examination nor a recognised qualification. What are her deadlines?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The RE5 by the end of January 2023 and the qualification by the end of January 2027.Correct
- b) The RE5 by the end of January 2027 and the qualification by the end of January 2023.
- c) The RE5 by the end of January 2022 and the qualification by the end of January 2026.
- d) The RE5 and the qualification both by the end of January 2023.
Why this is the answer
The regulatory examination must be passed within two years of the date of first appointment and the recognised qualification obtained within six years of that date. Counting from 1 February 2021 gives the end of January 2023 and the end of January 2027. Until both are met she must work under supervision.
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