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FAIS Act FAIS Act and Subordinate Legislation
In terms of the FAIS Act, which of the following roles is EXCLUDED from the definition of a representative?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Phumzile, who keeps the accounting books for the FSP and never deals with clients on products.Correct
- b) Sive, who meets clients and sells them financial products.
- c) Ntando, who helps clients vary, terminate or reinstate the financial products they hold.
- d) Wandile, who renders intermediary services to clients on the FSP’s behalf under a mandate.
Why this is the answer
A representative renders advice or intermediary services on the FSP's behalf. Selling products, and varying/terminating/reinstating clients' products, are intermediary services, so those people ARE representatives. Pure accounting/bookkeeping that never touches client products is excluded.
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