Matric or equivalent
Minimum 5yrs & if the Registrar requested record you must keep it for 10 years
Only for 5yrs
KI must write a letter to the FSCA stating that Rep is only allowed to render intermediary services & will not give advice anymore.
The KI must debar the Rep.
The Rep must get experience to render advice.
The Rep must write a letter to the FSCA asking to be pardoned and give reasons.
The Rep must call the client and inform them of the correct commission.
The Rep must replace the product.
The Rep must deduct the commission not received for the past three years.
The Rep must keep quiet because this was disclosed by the KI.
Yes because he was been working as a Representative for 3yrs at a reputable bank.
Yes provided he first works as a key individual under supervision for at least 1 year.
No because the FAIS Act doesn't allow for someone to work in their family company.
No because he does not have the required 1 year experience in an overseer role in an FSP.
This is true to some extent
Grade 10 is also acceptable if they have good command of the English Language
Its a notice board found at the FSCA offices
Its a notice issued by the board of directors of an authorised FSP
It is a notice issued by the FSCA to amend/update sections of the FAIS Act
Its a notice board that every FSP should display at its offices
POPI Act No. 4 of 2013
FIC Act No. 1 of 2017
Board Notice BN194 of 2017
FAIS General Code of Conduct
This falls under the definition of advice according to the FAIS Act
This is not advice according to FAIS because Sean is merely providing information about a financial product without expecting gogo Makhubalo to make a decision about it
Sean is giving advice about a financial product hence he is considered to be giving advice according to FAIS
Sean is not providing advice because a pension is not a financial product
Shane is considered to be providing advice according to FAIS
This not advice as Shane is merely sharing the new benefits that Discovery will be offering to its members in 2021
Medical Aid products are not financial products according to FAIS
Shane is providing intermediary services
Debar Mr Dlamini for acting as a Rep yet he does not possess any qualifications.
Mr Dlamini can continue operating as a Rep since he's only selling funeral policies.
Report Mr Dlamini to the FAIS Registrar
Advise Mr Dlamini to go back to the taxi industry where there's no government regulation.
Category IV FSPs render intermediary services in relation to the administration of assistance policies on behalf of an insurer as per the mandate. Examples include FSPs selling funeral policies and stokvels.
Category II FSPs use their own discretion to decide how to handle the client's financial products but without implementing bulking. Examples include fund managers who buy & sell shares on the JSE.
Category III FSPs are administrative FSPs who render intermediary services using the method of bulking. Examples include Linked Investment Services Providers (LISP).
Category IIA FSPs are discretionary FSPs who render intermediary services with respect to short-term insurance products. Examples include motor or fire policy.
A representative who is not a natural person
A representative who does not have jurisdiction in the financial products that they sell
A representative who does not offer intermediary services
A representative who offers legal products and services
01 March 2019
01 March 2020
01 March 2021
01 March 2022
Yes. FSPs cannot operate without a Key Individual.
No. He will be the Representative and Key Individual for his sole practice.
Sole proprietors don't need a Key Individual because there's no one to manage and oversee.
Yes. He will get arrested if runs his FSP without appointing a Key Individual.
Yes. The size and complexity of the financial products the FSP offers will determine how many Key Individuals will be appointed.
No. Each FSP should have only one Key Individual.
Yes provided that the FSP applies for dispensation from the Registrar to do so.
No. Appointing a Key Individual is not necessary under the latest FAIS regulations.
Honesty, Integrity and Good Standing
Product Specific Training
Class of Business Training
01 April 2015
01 April 2018
01 January 2020
None of the above
Debar Sibongile and terminate her employment contract
Report Sibongile to the national newspaper to embarass her
Advise Sibongile to approach the CCMA and confess her lie to them.
Do nothing because lying about salary is not related to the provision of financial advice.
Business Physical Address
A juristic FSP does not have to appoint a Key Individual
Juristic Representatives do not have to comply with the Fit & Proper Requirements because they are not FSPs
Before an FSP can appoint a Juristic Representative, it has to make sure that the Juristic Representative has the operational ability and financial resources to perform the activities they've been appointed to do.
Operational Ability does not apply to Key Individuals
Corporate Social Responsibility (CSR)
Business Continuity Plan
Risk Management Policy
The Rep should not be declared insolvent or under liquidation
The Rep should not have any ongoing court action that may lead to insolvency/liquidation
The remuneration of Reps should not be structured in a manner that may increase the chances of unfair treatment of clients
The Rep should have the required CPD points
A Key Individual is responsible for managing & overseeing the activities of an FSP in relation to the rendering of any financial service
Key Individuals may be appointed to more than one FSP
Every Juristic Representative should appoint a Key Individual before it can start rendering financial services to clients
Operational Requirements do not apply to Key Individuals