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This quiz consists of 10 multiple-choice questions to help you test your knowledge and prepare for your FSCA regulatory exam.

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FSP’s and their Representatives must adhere to certain basic principles when rendering services in respect of Financial Products. CHOOSE THE INCORRECT STATEMENT:

A. They need to comply with all legal requirements applicable to the conduct of business.

B. They must avoid conflicts of interest.

C. They have to have and maintain appropriate systems to ensure performance of professional activities.

D. They need no product experience.

None

Agnes wants to apply for a position as a Representative at a bank. WHICH OF THE FOLLOWING STATEMENTS ARE TRUE WITH REGARD TO AGNES BEING FIT AND PROPER:

i. Agnes will not meet the "honesty and integrity" requirements if she was found guilty by any statutory professional body or voluntary professional body (whether in the Republic or elsewhere) recognised by the FSB, of an act of dishonesty, negligence, incompetence or mismanagement, sufficiently serious to impugn the honesty and integrity of the Representative, within three years before the date of appointment by the FSP.

ii. Agnes will not meet the "honesty and integrity" requirements if she has been denied membership of any statutory professional body or voluntary professional body because of an act of dishonesty, negligence, incompetence or mismanagement, sufficiently serious to impugn the honesty and integrity of the Representative, within five years before the date of appointment by the FSP

iii. Agnes will not meet the “honesty and integrity” requirement if she had been a sole proprietor FSP who had its authorisation to carry on business/any license granted been withdrawn or suspended by any regulatory or supervisory body because of an act of dishonesty, negligence, incompetence or mismanagement sufficiently serious to impugn the honesty and integrity of the Representative within five years before the date of appointment by the FSP.

iv. Agnes will not meet the "honesty and integrity" requirements if she was found guilty by any statutory professional body or voluntary professional body (whether in the Republic or elsewhere) recognised by the FSB, of an act of dishonesty, negligence, incompetence or mismanagement, sufficiently serious to impugn the honesty and integrity of the Representative, within five years before the date of appointment by the FSP.

A. i and iii only

B. ii, iii and iv only

C. iii and iv only

D. i and iv only

None

Disclosure requirements are probably one of the most important aspects of a financial service that an FSP renders to its clients. As a Representative, you need to understand what is required from you in terms of disclosure. WHICH OF THE FOLLOWING DISCLOSURE REQUIREMENTS MUST BE ADHERED TO?

A. There must be adequate disclosures on the product supplier. The disclosure must include the name, physical location, postal and telephone contact details of the product supplier.

B. Disclosure of the product supplier information must state the contractual relationship between the FSP and the product supplier, but it is not required to disclose whether the FSP has contractual relationships with other product suppliers.

C. A Representative need not disclose that he/she is rendering services under supervision.

D. Representatives need not disclose detail about the legal relationships between the FSP, product supplier and Representative.

None

A person will not be able to act as a Representative of an authorised FSP unless he/she is able to provide confirmation, certified by the FSP to the client. WHICH STATEMENT IS INCORRECT?

A. That a service contract or another agreement to represent the FSP exists.

B. The FSP accepts responsibility for the activities of the Representative falling within the contract.

C. The FSP is liable for the conduct of their Representatives.

D. The Representative may engage in the same activities as its principal with the FSP’s consent even though he is not an employee or holds a mandate.

None

Consumers of financial products have the right to complain about any inappropriate advice given or service rendered in relation to a particular financial product. WHAT IS THE CORRECT AMOUNT FOR THE COMPLAINT TO BE CONSIDERED BY THE OMBUD IF THE LOSS WAS BEFORE 1 JULY 2024? Choose the TRUE amount.

A. The claim must exceed R800 000.00

B. The claim must not exceed R3 500 000.00

C. The claim must not exceed R800 000.00

D. None of the above

None

In order to determine the client’s requirements the FSP/Representative would have to do a need analysis for the client. This would include specific information that the FSP/Representative would need to get from the client. WHICH STATEMENT IS FALSE AND IS NOT REQUIRED?

A. How much the client earns (total income).

B. How much of his income is available for savings and investment purposes.

C. What type of transactions the client needs to carry out and how many per month.

D. What the client intends to do with the funds.

None

CHOOSE THE STATEMENTS THAT ARE FALSE WITH REGARD TO GENERAL EXPERIENCE REQUIREMENTS WHICH HAVE TO BE MET BY REPRESENTATIVES IN ALL PRODUCT CATEGORIES:

i. The Representative must, on the date of appointment (by the FSP) meet the minimum experience required in the different subcategories (as described in the relevant Table).

ii. The experience may be intermittent experience gained 6 years prior to application date.

iii. The experience must have been obtained through active involvement in providing financial services and could not have been gained whilst working under supervision.

iv. The experience must have been obtained through active involvement in providing financial services and could have been gained whilst working under supervision for the minimum experience period.

A. i and iv only

B. i and iii only

C. ii and iii only

D. ii and iv only

None

Mpho has been found guilty of misappropriating client’s funds by his FSP WeInsure. WHAT SHOULD THEY DO?

A. WeInsure should immediately dismiss Mpho.

B. WeInsure should issue Mpho with a fine and command him to compensate his clients.

C. WeInsure should debar Mpho and remove his name from the Representative's register.

D. WeInsure should inform law enforcement to send a warrant for his arrest.

None

IF A REPRESENTATIVE IS FOUND GUILTY OF FRAUD AND MISREPRESENTATION. The FSP can dismiss the Representative and debar him under section 14 of the FAIS Act based on the fact that the Representative did not comply with the honesty and integrity requirements. A consequence of his debarment is that he will, for at least 12 months from the date of debarment, not be able to be reappointed as a representative of another FSP. WHICH STATEMENT IS INCORRECT?

A. The FAIS Registrar may consider circumstances for re-instatement of a debarred person.

B. The FAIS Registrar will consult with the FAIS Advisory Committee regarding reinstatement of debarred persons.

C. The Representative may be reinstated if certain requirements are met.

D. A debarred person will have to complete a special Regulatory Examination to prove that they may be reinstated.

None

10.

A Compliance Officer has certain responsibilities. CHOOSE THE INCORRECT STATEMENT.

A. Needs to take responsibility for liaising with the Registrars.

B. Submit Compliance Reports and other compliance functions to the Ombud for FAIS.

C. Monitor compliance within the FAIS Act.

D. All of the above.

None

1 out of 10

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