RE 5 Topic 3 Quiz 3

In order to maintain the integrity of the financial service sector, the Commissioner has which of the following powers?

i).Immediate declaration of a general practice by the industry as undesirable.

ii).Declaration of a general practice by the industry as undesirable after a consultation process.

iii).Issuance of a limited directive that does not depart from the Promotion of Administrative Justice Act.

iv).Issuance of a limited direct that may depart form the Promotion of Administrative Justice Act.

Please complete the sentence. A directive issued by the commissioner, takes effect-

Mira Mind is an FSP authorised to provide services in terms of short-term insurance. The commissioner has published a notice of intention to declare a certain practice within this sector undesirable. In terms of the FAIS Act, what is Mira Mind’s position in this regard?

The commission is reviewing a general practice within the financial services industry. Before declaring the practice as undesirable, what is the duties of the Commissioner in terms of the FAIS Act?

Please complete the sentence. If an FSP does not stop a practice after the practice has been declared undesirable, the Authority can impose unlimited penalties, compensation orders and cost orders as per the-

The commission is reviewing a general practice within the financial services industry. Before declaring the practice as undesirable, what is the duties of the Commissioner in terms of the FAIS Act?