Assessment: Amended Fit and Proper Requirements 19_20

Which of the following fit and proper requirements are applicable to financial services providers?

i. Competence
ii. Financial Soundness
iii. Operational Ability
iv. Continuous Professional Development
v. Honesty, Integrity & Good standing

Which ONE of the following is a characteristic of an insurance policy that will be deemed to be regulated under the subcategory short term insurance A?

In which of the following product classes is the subcategory Retail Pension Benefits categorised?

Betty Best want 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. Professional indemnity insurance

Which of the following financial soundness requirements are applicable to Category I Financial Services Providers that hold client’s funds.

i. Current assets must exceed currents liabilities.
ii. Current assets must exceed currents liabilities by at least 3 million.
iii. Liquid assets must be equal to 4 weeks of annual expenditure.
iv. Liquid assets must be equal to 13 weeks of annual expenditure.

Which of the following minimum qualification requirements must a representative meet that only perform execution of sales as defined in the fit and proper requirements?

Which ONE of the following is a minimum qualification requirement for a representative registered for friendly society benefits only?

Thandeka is authorised to provide intermediary service in terms of all long and short-term product categories.
Which of the following does she need to comply with, to meet the continuous professional development requirements?

A representative undergoes training that stipulates the pricing structure and conditions applicable to a specific policy issued by a long-term insurer. This training is considered as-

Which of the following statements with regard to the competency register are correct?

i. An FSP must within 15 days of the expiry of each CPD cycle record in the competency register the reduction of CPD hours of a representative.
ii. An FSP must within 30 days of the expiry of each CPD cycle record in the competency register the reduction of CPD hours of a representative.
iii. An FSP must within 15 days after the training has occurred, record in the competence register the class of business training the representative completed.
iv. An FSP must within 30 days after the training has occurred, record in the competence register the class of business training the representative completed.