1.
Mpho has been found guilty of misappropriating client’s funds by his FSP WeInsure. WHAT SHOULD THEY DO?
2.
A Compliance Officer has certain responsibilities. CHOOSE THE INCORRECT STATEMENT.
3.
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if she had been a sole proprietor FSP who had its authorisation to carry on business/any license granted been withdrawn or suspended by any regulatory or supervisory body because of an act of dishonesty, negligence, incompetence or mismanagement sufficiently serious to impugn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.
4.
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.
5.
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?
6.
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.
7.
FSP’s and their Representatives must adhere to certain basic principles when rendering services in respect of Financial Products. CHOOSE THE INCORRECT STATEMENT:
8.
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?
9.
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?
10.
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?
You've completed the RE5 Mock Exams Free Access on July 14, 2025. Review your results and take note of areas where you can improve.
Want full access to unlimited mock exams? Visit: RE5 Online Mock Exams
