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The Compliance and Learning Center Team
Which ONE of the following entities provides preservation fund benefits?
Which of the following ombudsman schemes are recognized in term of the Financial Services Ombud Schemes Act as voluntarily ombudsman schemes?
i. FAIS ombud
iii.Pension fund adjudicator
iv. Long-term insurance ombud
Which of the following statements with regard to the financial services sector in South Africa are correct?
i.The Financial Sector Conduct Authority supervises the Johannesburg Stock Exchange in the performance of its regulatory duties.
ii.The prudential authority is a division of the Financial Sector Conduct Authority established in terms of the Financial Sector Regulation Act.
iii. A pension fund must appoint a board of at least four member who act as trustees on behalf of the registered retirement fund.
iv.The Association of saving and investment South Africa sets out guidelines and requirements for collective investment schemes.
Which ONE of the following types of collective investment scheme fund is most suitable for an investor who are saving towards their retirement?
A financial services provider that renders intermediary services in respect of financial products on instruction of a client or another provider through the method of bulking must be registered as which category of financial services provider?
There are several new changes and regulatory initiatives in South Africa currently with regard to the financial sector. Which one of these initiatives is concerned with the manner in which ALL financial institutions conduct their business with the end users of financial products?
Which of the following actions are regarded as intermediary services as defined in the FAIS Act?
i.Managing a financial product on behalf of a client.
ii.Keeping a financial product in safe custody for a client.
iii. Advising a client on a financial product.
iv.Collecting premiums from a client on behalf of a product supplier.
Betty Best wants to apply for authorisation as a Financial Services Provider. What does she need in order to fulfil the minimum operational ability requirements prescribed under the FAIS Act?
i. Telephone or a cell phone
ii. A fax number
iii. Secure record storage facilities
iv. Business insurance
FSP A provides advice in long term insurance and wants to appoint John as representative. Which of the following experience John has can be considered in terms of the FAIS Act?
Which ONE of the following disclosures should be made regarding the product supplier?
The General Code lays down certain steps to be followed when giving advice to a client in respect of financial products. If Jenny, a representative for a financial Services provider, takes the following steps in the order given, which sets of steps will be correct?
i. Firstly, she ensures that the client is comfortable, then she asks for records of all existing financial products and investments.
ii. Firstly, she gathers information about the customer’s financial situation and objectives then she does an analysis of the information.
iii. Her third step is to analyse the information and then explain the possible limitation of advice.
iv. Her third step is to identify the products that may be suitable and then disclose any replacement options and all costs.
Which ONE of the following statements regarding the record of advice is correct?
Which ONE of the following statements regarding the manner in which complaints must be handled by the financial services provider is correct?
Which of the following statements regarding the requirements pertaining to advertising as set out in the General Code of conduct are correct?
i. Where a financial services provider advertises by telephone a copy of records must be provided on request within 14 days of the request.
ii. Radio advertisements need only provide the business name of the financial services provider.
iii. If a transaction is concluded as result of telephone advertising, the full details about the financial services provider and supplier must be provided in writing within 30 days.
iv. A financial services provider is not allowed to advertise instruments of which the return is not guaranteed.
What is the purpose of the Financial Intelligence Centre Act?