RE5 Topic 3 Quiz 1

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Question 1 of 5

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.
- A) i & iii only
- B) iii & iv only
- C) i, ii & iii only
- D) i, ii, iii & iv
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Question 2 of 5

2. Question
Which one of the following statements regarding the undesirable practice declaration is correct?
- A) An FSP have 21 days to stop the practice after a practice has been deemed undesirable.
- B) If an FSP continued with a practice after being declared undesirable, the license may be suspended.
- C) The Authority can immediately deem a practice undesirable after review of the practice.
- D) An FSP may not on or after the date of the publication of the notice of declaration of an undesirable business practice carry on the business practice concerned.
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Question 3 of 5

3. Question
The Authority had made the decision to declare a certain practice undertaken by most FSPs as an undesirable practice? The commissioner –
- A) Must publish the undesirable practice notice in the government gazette.
- B) Must publish the undesirable practice notice on the official FSCA website.
- C) May publish the undesirable practice notice in the government gazette.
- D) May publish the undesirable practice notice on the official FSCA website.
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Question 4 of 5

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?
- A) The authority can impose a penalty not exceeding 15 million or 5 year’s imprisonment.
- B) The authority can direct the FSP to rectify any loss that was caused to the client by continuing the undesirable practice within 30 days.
- C) The authority can impose limited cost orders on the FSP as per the Protection of Funds Act.
- D) The authority can take the FSP to the enforcement committee.
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Question 5 of 5

5. Question
Which ONE of the following statements with regard to directives issued by the Authority is correct?
- A) A directive only applies generally and takes effect on the date determined by the Authority in the directive.
- B) A directive may apply generally or be limited and takes effect on the date determined by the Authority in the directive.
- C) A directive only applies generally and takes effect on the date of the directive being published.
- D) A directive may apply generally or be limited and takes effect on the date of the directive being published.
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RE5 Topic 3 Quiz 1

RE5 Topic 3 Quiz 1

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RE5 Topic 3 Quiz 1

RE5 Topic 3 Quiz 1

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