Assessment: The Powers of the Financial Sector Conduct Authority 22_23
After completion of the workshop, the learner must complete an electronic assessment of the learning management system.
- Form of assessment: Multiple Choice Questions
- Number of questions: 10 questions
- Duration: 30 minutes
- Competency mark: 65%
Upon obtaining a competency mark of 65% the learner will receive a certificate of completion. The learner will be afforded an opportunity to re-do the workshop should a competency mark not be attained.
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Question 1 of 10
1. Question
The Authority may declare a practice as undesirable on which of the following grounds?
i. The practice has directly harm relationships between FSPs and FSPs.
ii. The practice is likely to indirectly harm relationships between FSPs and clients.
iii. The practice has indirectly harmed relationships between FSPs and the general public.
iv. The practice is likely to directly harm relationships between FSPS and the Authority. -
Question 2 of 10
2. Question
Which one of the following statements regarding the undesirable practice declaration is correct?
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Question 3 of 10
3. Question
The Authority had made the decision to declare a certain practice undertaken by most FSPs as an undesirable practice? The commissioner –
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Question 4 of 10
4. Question
An FSP did not stop a practice after the practice have been declared undesirable. Which ONE of the following actions can the Authority take against the FSP?
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Question 5 of 10
5. Question
Which ONE of the following statements with regard to directives issued by the Authority is correct?
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Question 6 of 10
6. Question
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. -
Question 7 of 10
7. Question
Please complete the sentence. A directive issued by the commissioner, takes effect-
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Question 8 of 10
8. Question
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?
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Question 9 of 10
9. Question
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?
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Question 10 of 10
10. Question
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-