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Fit & Proper FSP License (Fit & Proper/Operational Ability)
If the Registrar is not satisfied that an FSP licence applicant meets the requirements, what must the Registrar do?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The Registrar may refuse the application and must give the applicant the decision and the reasons for it.Correct
- b) The Registrar must approve it anyway and review it later.
- c) The Registrar may simply never respond, leaving the applicant guessing.
- d) The Registrar must refer the matter to the product supplier for a final decision.
Why this is the answer
Where the requirements are not met, the Registrar may refuse the application, and procedural fairness requires informing the applicant of the decision and the reasons for it. The Registrar cannot rubber-stamp it or remain silent.
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