RE 5 Topic 7 Quiz 2

Brandon, a representative of FSP A,  was found guilty of fabricating an embarrassing story against the key individual. Brandon was debarred as representative and dismissed as employee after a hearing was conducted considering both debarment and disciplinary action. The debarment notification form is still to be submitted to FSCA.

The compliance officer must report back to the board of directors on the lawfulness of debarment actions taken by the key individual. What should the correct recommendation be in this regard?

Trevor is a mandate representative of FSP A and FSP B. The key individual of FSP A debarred Trevor as he did not pass the regulatory examination within the stipulated time frame. Which one of the following role players  has the legal power to revoke this debarment order?

Pamela, a representative of Sky Advisors, did not complete the class of business training within the prescribed period. 10 days after the deadline date to complete this requirement, the key individual removed Pamela from the register of representatives and placed her in a position where she does not provide a financial service.

The commissioner is informed of this. What is the right of the commissioner in this regard?

Mandy is a representative of FSP A. Mrs Darcy, a client of FSP A,  informed FSP A on 1 February 20XX  that Mandy forged the signature of the client on the policy document and that she did not enter into the agreement and therefore, the agreement is nul and void. On 5 February 20XX Mandy resigned with immediate effect as representative and employee of FSP A as she found employment as a representative with FSP B.

What is the responsibility of FSP A with regard to enforcement action to be taken against Mandy?

Bonny Brokers is an agent of a large insurance company. Nicky Newton, a representative of Bonny Brokers is debarred. Which of the following role players must be informed of the debarment?

I).The compliance officer of Bonny Brokers

ii).The Financial Sector Conduct Authority

iii)A.ll the clients’ of Nicky Newton

iv).The insurance company