RE5 Topic 7 Quiz 1

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Question 1 of 5

1. Question
Which one of the following statements regarding the debarment process as stipulated under the FAIS Act is correct?
- A) The license of the Financial Services Provider will be suspended if he does not debar a representative that is no longer fit and proper.
- B) The compliance officer initiates debarment on behalf of the Financial Services Provider for representatives that contravened the FAIS Act.
- C) If the Financial Services Provider debarred a representative, the Financial Services Provider must amend the register or representatives within 5 days of such debarment.
- D) Debarment can still be affected after the representative resigned as long as the debarment was initiated while there was a contract with the Financial Services Provider.
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Question 2 of 5

2. Question
Choose the incorrect option. When a representative is debarred by the Authority for material misconduct, it implies that-
- A) Any business that the representative concluded falls away and is null and void.
- B) The representative is unfit and improper for a period of at least 12 months.
- C) The representatives name is removed from the central Register of Representatives.
- D) The Financial Services Provider must apply for reappointment of representative before reinstatement.
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Question 3 of 5

3. Question
FSP A had discovered that Lerato has been misappropriating client’s funds. What must FSP A do in this regard?
- A) FSP A must inform the Authority and request that Lerato be debarred.
- B) FSP A must debar Lerato and remove her name for the register of representative immediately.
- C) FSP A must ensure that the debarment process is lawful, reasonable and procedurally fair.
- D) FSP must refer the consult with the Financial Services Tribunal before debarring Lerato.
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Question 4 of 5

4. Question
If a representative feels aggrieved by the decision of an FSP to debar the representative. The representative may apply for reconsideration of the decision to the-
- A) Financial Sector Conduct Authority.
- B) Financial Services Tribunal.
- C) Ombuds for FSPs.
- D) FAIS Commissioner.
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Question 5 of 5

5. Question
TinTam Brokers debars a representative on 5 August. By which date, latest must TinTam Brokers submit part I of the debarment notification form?
- A) 9 August
- B) 10 August
- C) 19 August
- D) 20 August
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RE5 Topic 7 Quiz 1

RE5 Topic 7 Quiz 1

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RE5 Topic 7 Quiz 1

RE5 Topic 7 Quiz 1

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