Under the FAIS Act, what is the primary distinction between 'advice' and an 'intermediary service'?
Fais Act Framework
Question · Medium
What is the central regulatory purpose of the FAIS Act?
FAIS Framework
Flashcard
Which body administers the RE5 regulatory examination on behalf of the regulator?
Question · Easy
The body that supervises how banks, insurers and investment firms treat their customers in South Africa.
Regulatory framework
Guess the Term
Introduction & Exam Overview
About the RE5 Exam
Study guide
Cheat sheet
A representative may render financial services only if which condition is met?
Roles And Responsibilities
Read the clue and guess the term in 6 tries.
Game
Why must an RE5 candidate start with the statutory definitions?
Under the General Code of Conduct, what is the general duty of a provider when rendering financial services?
General Code Of Conduct
Short name of the 2002 Act that FSPs, key individuals and representatives must comply with.
Sipho, a representative, gives a client a recommendation to replace an existing retirement annuity with a new one. Before doing so, what must he conduct under the General Code of Conduct?
How does a financial product differ from a financial service under FAIS?
Which requirement applies to a natural-person representative under the Fit and Proper framework?
Fit And Proper
Short name for an entity that, with its key individuals and representatives, must meet the fit and proper requirements.
Licensing
Exam Format, Pass Mark, Booking & Logistics
A client lodges a complaint with an FSP. If the FSP does not resolve it to the client's satisfaction, to whom may the client escalate the complaint for independent resolution?
Complaints And Ombud
Swap tiles to line up three of the same term.
Term Match
What is the core function of a FAIS compliance officer?
Which statement correctly describes competence timeframes for a representative rendering services under supervision?
Supervision And Debarment
What a licence does when the provider's business has become dormant.
A representative is rendering services under supervision. Under the General Code of Conduct, this fact must be:
Why must an FSP render services only within its authorised categories and conditions?
Maintaining the FSP Licence
Which person is responsible for the management and oversight of the financial services activities of an FSP?
___ individual: the role responsible for managing and overseeing how a provider renders services.
Oversight role
How to Prepare Using Tasks & Qualifying Criteria
Before providing advice, a representative must disclose certain information about the product supplier and the FSP. Which of the following must be disclosed?
Flip two cards at a time to find matching terms.
Term Pairs
How does a representative contribute to maintaining the FSP's licence?
Under the General Code of Conduct, a record of advice must be maintained. What is the primary purpose of the record of advice?
Record of ___ a provider must keep, setting out the basis for a recommendation, and send to the client in writing.
Codes of conduct
Which component of the competence requirement obliges representatives to keep their knowledge and skills up to date on an ongoing basis?
In whose name does a representative render a financial service?
A representative discovers that recommending a particular investment would earn him a large bonus, which may influence his objectivity. Under the FAIS conflict of interest provisions, what should the FSP have in place?
Question · Hard
Client's identified ___ and objectives: what the record of advice must explain the recommended product is likely to satisfy.
Chapter 1: The FAIS Act as a Regulatory Framework
1.1 Purpose of the FAIS Act & Client Protection
Who is responsible for assisting an FSP to comply with the FAIS Act and for reporting to the regulator on the FSP's compliance?
Find five hidden terms in a grid of letters.
Term Search
Why must the FSP's licence be displayed correctly at its business premises?
Which of the following best describes a 'financial product' as contemplated by the FAIS Act?
Present named with cash, vouchers and travel in the Code's list of financial interests; such interests from one third party are immaterial if they total no more than R1 000 a calendar year.
An FSP must structure its internal control procedures to provide reasonable assurance of which outcome?
What is the practical effect of a licence suspension on representatives?
A client asks a representative to explain the difference between the FSCA and the FAIS Ombud. Which statement is correct?
Discount on administration, management or other charges that is passed through to the client.
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