All RE5 questions
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) Ntando, who helps clients vary, terminate or reinstate the financial products they hold.
- b) Wandile, who renders intermediary services to clients on the FSP’s behalf under a mandate.
- c) Sive, who meets clients and sells them financial products.
- d) Phumzile, who keeps the accounting books for the FSP and never deals with clients on products.Correct
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.
Want to test yourself on 700+ more questions like this?
Start your free RE5 simulator today — timed mock exams, full answer explanations and cloud-synced progress tracking.
More FAIS Act questions
- Under the FAIS definition of 'advice', which of the following actions by Mandla would a…
- Which person fits the FAIS definition of a 'representative'?
- After an illness, Zinhle voluntarily surrendered her FSP licence; she has now recovered…
- Themba's FSP licence was suspended and then withdrawn. He now wants to operate again. W…