RE5 Topic 4 Quiz 1

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Question 1 of 5

1. Question
Tri Brokers (Pty) Ltd applies for authorisation as a Category I FSP. The sole director is appointed as key individual and is the only person to provide a financial service within the FSP. The FSP is not to receive any client monies. Which of the following must accompany the FSP application?
- A) Application for approval of the key individual.
- B) Application for approval of the compliance officer.
- C) Questionnaire completed by the appointed auditor.
- D) All of the above
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Question 2 of 5

2. Question
Which one of the following statements regarding the compliance function is correct?
- A) The compliance officer must establish the compliance function and is responsible for compliance.
- B) The compliance officer must establish and oversee the compliance function.
- C) The compliance officer must oversee the compliance function and monitor compliance.
- D) The compliance officer must maintain the compliance function and monitor compliance.
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Question 3 of 5

3. Question
Which one of the following statements with regard to record keeping as stipulated in the FAIS Act is correct?
- A) The FSP must update all paper-based records electronically.
- B) Records must be made available within 7 working days after a request by a client.
- C) All records must be adequately secured at offsite storage facilities.
- D) Record of advice only need to be maintained if a transaction was entered into.
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Question 4 of 5

4. Question
Which of the following statements regarding suspension, withdrawal and lapsing of a license is correct?
- A) Suspension is initiated by the provider whereas lapsing is initiated by the Authority.
- B) A lapsed license may be reinstated on approval of the Authority.
- C) Accreditation of medical schemes Act will also lapse if an FSP license is lapsed.
- D) If a license is lapsed, the person will not be permitted to apply for a new license for 5 years.
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Question 5 of 5

5. Question
An FSP has received the maximum penalty of R10 million from the Authority. Which one of the following transgressing could have given rise to receiving this maximum penalty?
- A) The FSP failed to pay the yearly FSCA levies.
- B) The FSP failed to comply with a directive issued.
- C) The FSP failed to submit the compliance report.
- D) The FSP failed to a condition issued on the FSP license.
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RE5 Topic 4 Quiz 1

RE5 Topic 4 Quiz 1

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RE5 Topic 4 Quiz 1

RE5 Topic 4 Quiz 1

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