Brian Ndimande
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Chapter 1

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RE5 - Chapter 1 Quiz

Frage 1 von 4

1

A CLIENT, AS DEFINED IN THE ACT, DOES NOT INCLUDE THE FOLLOWING;

Wähle eine der folgenden:

  • The client that concluded the original transaction

  • The person who is a successor in title

  • The beneficiary of the product

  • The general public

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Frage 2 von 4

1

WHICH OF THE BELOW FROM PART OF THE TWIN PEAKS REGIME?

Wähle eine der folgenden:

  • The Financial Services Board and the Ombud for financial services

  • The Financial Services Board and the Financial Services Conduct Authority

  • The Prudential Authority and the Financial Services Conduct Authority

  • The Prudential Authority and the Financial Services Board

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Frage 3 von 4

1

WHICH OF THE FOLLOWING PRODUCTS IS NOT GOVERNED IN TERMS OF THE FAIS ACT?

Wähle eine der folgenden:

  • Cheque Account

  • Credit life protection plan

  • 32-day notice call account

  • Insurance on a bond

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Frage 4 von 4

1

WHICH SUBCATEGORY FROM THE LIST BELOW APPEARS ON CATEGORY I BUT NOT ON CATEGORY II?

Wähle eine der folgenden:

  • Short-term Commercial Lines

  • Participative interests in one or more collective investments

  • Forex investment business

  • Long-term subcategory B1

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Frage 5 von 4

1

NO PROVIDER MAY ACT AS A FINANCIAL SERVICES PROVIDER UNLESS SUCH PROVIDER HAS;

Wähle eine der folgenden:

  • Been approved by the Compliance Institute of Southern Africa

  • Been authorised by the Financial Sector Conduct Authority

  • Been appointed by the Prudential Authority

  • Been granted a license by the Financial Intelligence Centre

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Frage 6 von 4

1

RANGER (PTY) LTD. WOULD LIKE TO APPLY FOR AUTHORISATION AS A FINANCIAL SERVICES PROVIDER TO THE FSCA, WHICH DEPARTMENT WITHIN THE FSCA WILL DEAL WITH HIS APPLICATION FOR LICENSE?

Wähle eine der folgenden:

  • The Supervision Department

  • The Enforcement Department

  • The Registrations Department

  • d) The licensing Department

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Frage 7 von 4

1

SELECT THE OPTION BELOW WHICH BEST DESCRIBES A CATEGORY IIA FINANCIAL SERVICES PROVIDER:

Wähle eine der folgenden:

  • This category of FSP provides intermediary services of a discretionary nature regarding hedge funds.

  • This category of FSP renders intermediary services of a discretionary nature through the method of bulking. The category includes LISPs, for example.

  • This category of FSP provides intermediary services of a discretionary nature, such as investment managers.

  • This category of FSP renders intermediary service in relation to the administration of assistance policies (funeral policies).

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Frage 8 von 4

1

MPHO CONTACTS JOHN FOR MORE INFORMATION ON PREPARING FOR HIS RETIREMENT. JOHN EXPLAINS THE DIFFERENT RETIREMENT PRODUCTS TO MPHO AS WELL AS ADVISES HIM ON WHICH PRODUCTS WOULD BE BEST SUITED TO HIS NEEDS. WHAT TYPE OF FINANCIAL SERVICE DID JOHN PROVIDE?

Wähle eine der folgenden:

  • John provided only factual information so this is not a financial service.

  • John provided only factual information but this could lead the client into making a financial decision so this is an intermediary service.

  • John provided advised on which products are suitable to Mpho’s needs which means that John provided financial advice.

  • John provided both an intermediary service and advice as factual information was provided as well as advice on the best products suitable.

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Frage 9 von 4

1

THE FAIS ACT WAS PROMULGATED ON WHICH DATE AND BECAME EFFECTIVE WHEN?

Wähle eine der folgenden:

  • Was enacted in 2000 and became fully effective 31 October 2002.

  • Was enacted in 2002 and became fully effective30 September 2004.

  • Was enacted in 2002 and became fully effective 31 October 2004.

  • Was enacted in 2000 and became fully effective 30 September 2002.

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Frage 10 von 4

1

Fülle die Lücken, um den Text zu vervollständigen.

The FAIS Act aims to the financial services industry and to , maintain In the industry and maintaining .

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Frage 11 von 4

1

THE ACT FOLLOWS A FUNCTIONAL APPROACH, MEANING THAT IT FOCUSES ON SPECIFIC INSTITUTIONS LIKE LOAN CREDIT GRANTORS REGISTERED UNDER NATIONAL CREDIT REGULATORS.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

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Frage 12 von 4

1

GENERAL CODE OF CONDUCT

Wähle eine der folgenden:

  • For authorized financial services providers and representatives involved in Forex
    Trade

  • For authorized financial services providers and representative

  • For authorized financial services providers Administrative and Discretionary FSP’s

  • For authorized financial services providers and Representative conducting Short-term Deposit Business.

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Frage 13 von 4

1

FOREX INVESTMENT BUSINESS

Wähle eine der folgenden:

  • For authorized financial services providers and Representative conducting Short-term Deposit Business.

  • For authorized financial services providers Administrative and Discretionary FSP’s

  • For authorized financial services providers and representative

  • For authorized financial services providers and representatives involved in Forex
    Trade

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Frage 14 von 4

1

SPECIFIC CODE OF CONDUCT

Wähle eine der folgenden:

  • For authorized financial services providers and Representative conducting Short-term Deposit Business.

  • For authorized financial services providers Administrative and Discretionary FSP’s

  • For authorized financial services providers and representative

  • For authorized financial services providers and representatives involved in Forex
    Trade

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Frage 15 von 4

1

NOTICE ON CODES OF CONDUCT

Wähle eine der folgenden:

  • For authorized financial services providers and Representative conducting Short-term Deposit Business.

  • For authorized financial services providers Administrative and Discretionary FSP’s

  • For authorized financial services providers and representative

  • For authorized financial services providers and representatives involved in Forex
    Trade

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Frage 16 von 4

1

The purpose of the Codes is to provide more detailed provisions regarding the rendering of
financial services. These Code are part of the subordinate Legislation and are not binding on all
FSP’s, Key Individuals and Representatives.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

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Frage 17 von 4

1

Friendly Society Benefits and Health Services Benefits are subcategories which are regulated under category I but not under category II/IIA.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

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Frage 18 von 4

1

In terms of the FAIS Act, to provide a financial service means to;

A. Give advice only
B. Provide an intermediary service only
C. Give advice and provide an intermediary service only
D. Give advice and/or provide an intermediary service only

Wähle eine der folgenden:

  • I. A

  • II. B

  • III. C

  • IV. A & B

  • V. D

  • VI. C & D

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Frage 19 von 4

1

Fülle die Lücken, um den Text zu vervollständigen.

Giving advice is to ❶, ❷…. and ❸

Recommend
Suggest
Propose

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Frage 20 von 4

1

Fülle die Lücken, um den Text zu vervollständigen.

Giving advice is to ❶., ❷ and ❸

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Frage 21 von 4

1

An analysis or report on a financial report with an express or implied recommendation, guidance or proposal that a transaction in respect of the product meets the client’s needs, investment objectives or financial situation in terms of the FAIS Act, is not regarded as advice.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

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Frage 22 von 4

1

In terms of the Act, when a board member of any pension fund organization or friendly society advice members on benefits to be enjoyed by the members is not regarded as advice.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

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Frage 23 von 4

1

Fülle die Lücken, um den Text zu vervollständigen.

Mention four departments of the FAIS Division within the FSCA
1)
2)
3)
4)

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Frage 24 von 4

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

( Hedge Fund FSP, Assistance Business FSP, Administrative FSP, Ordinary FSP )

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Frage 25 von 4

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

( Assistance Business FSP, Hedge Fund FSP, Ordinary FSP, Discretionary FSP, Administrative FSP )

Erklärung

Frage 26 von 4

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

( Ordinary FSP, Administrative FSP, Hedge Fund FSP, Assistance Business FSP, Discretionary FSP )

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Frage 27 von 4

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

( Ordinary FSP, Discretionary FSP, Hedge Fund FSP, Assistance Business FSP, Administrative FSP )

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Frage 28 von 4

1

An FSP can appoint a Key Individual and the Compliance Officer without the approval of the FSCA.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

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Frage 29 von 4

1

An FSP can appoint Joseph as a representative for their Joburg branch without the approval of the FSCA.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

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Frage 30 von 4

1

Angel a daughter to the Director of Sisonke Brokers CC wants to join her father’s business as a representative to learn the business. She currently has a judgement with Forschini. Can Sisonke
Broker CC employ her and register her name on their register with FSCA as their representative?

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 31 von 4

1

An FSP plans to provide discretionary services in unit trust in which ONE of the following categories must they be authorized?

Wähle eine der folgenden:

  • Category I Collective Investment Schemes

  • Category I Structured deposits

  • Category II Collective investment schemes

  • Category II Structured deposits

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Frage 32 von 4

1

WHICH OF THE FOLLOWING STATEMENTS WITH REGARD TO THE FUNCTION OF THE ROLE PLAYERS IN TERMS OF THE FAIS ACT ARE CORRECT?
I. The representative must ensure that records are kept in the correct manner.
II. The key individual must ensure that complaints are handled in a procedural fair manner.
III. The compliance officer must establish and maintain the compliance function.
IV. The Authority must ensure that all financial services providers comply with the FAIS Act.

Wähle eine der folgenden:

  • ii and iv only

  • ii, iii and iv only

  • i, iii and iv only

  • i, ii, iii and iv

Erklärung

Frage 33 von 4

1

What classification of financial service is the following scenario in terms of the FAIS Act?
“Audrey Selepe advises Edward Nkosi that it is a requirement to take out a short-term insurance policy when taking out a mortgage bond of Bank A”

Wähle eine der folgenden:

  • Advice

  • Intermediary Services

  • Advice and Intermediary services

  • Neither

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Frage 34 von 4

1

Which of the following would qualify as a representative of an FSP in terms of the FAIS Act?

Wähle eine der folgenden:

  • An accountant whose job does not lead clients to buying a financial product.

  • A clerk who does not have to use judgement in performing his job functions

  • An admin manager who handles general admin queries only

  • A contractor who renders financial services.

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Frage 35 von 4

1

Financial services include:

Wähle eine der folgenden:

  • Instructions on the development of products

  • The rendering of advice and/or intermediary services

  • The processing of policy applications

  • Overseeing of the compliance processes.

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Frage 36 von 4

1

CHOOSE THE CORRECT COMBINATION
A. A functional approach means that the Act regulates certain functions across institutions ( (insurance
companies, brokerages and banks).
B. A functional approach focuses on specific institutions.
C. The function of providing financial services across various institutions is governed by the FAIS

Wähle eine der folgenden:

  • B and C

  • A and C

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Frage 37 von 4

1

What is the definition of “advice” in terms of the FAIS Act?

Wähle eine der folgenden:

  • Any recommendation, guidance or proposal, of a financial nature, by any means or medium, to any client or group of clients regarding the purchase or investing of any banking products or the conclusion of any other transaction of the varying any term or condition irrespective of whether the advice is furnished in the course of or incidental to financial planning or results in purchasing, investing, transacting, varying, replacing or terminating.

  • Any recommendation, guidance or proposal, of a financial nature, by any means or medium, to general public regarding the purchase or investing of any banking products or the conclusion of any other transaction of the varying any term or condition irrespective of whether the advice is furnished in the course of or incidental to financial planning or results in purchasing, investing, transacting,
    varying, replacing or terminating.

  • Any recommendation, guidance or proposal, of a financial nature, by any means or medium, to any client or group of clients regarding the purchase or investing of any financial products or the conclusion of any other transaction of the varying any term or condition irrespective of whether the advice is furnished in the course of or incidental to financial planning or results in purchasing, investing, transacting, varying, replacing or terminating.

  • Advice by a board member of any pension fund organization or friendly society, to their members on benefits to be enjoyed by the members. Advice by the board of trustees of a medical scheme to members of the medical scheme on healthcare benefits.

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Frage 38 von 4

1

What are the objectives of the FAIS Act?

Wähle eine der folgenden:

  • To regulate the rendering of certain financial advisory services to clients only

  • To regulate the rendering of certain intermediary services to clients only

  • To regulate the rendering of certain financial advice and intermediary services to clients.

  • To regulate the rendering of certain financial advisory and intermediary services to clients.

Erklärung

Frage 39 von 4

1

Albert works at Medical Aid Broker. On the 17th January 2011, Mr Mkhwanazi called in to advise that his new born son, Julius born on the 16th January 2011, needs to be added into his medical aid with immediate effect. Albert sends the request through Momentous Cover, the underwriter.
Which of the following financial services do Albert provide;

Wähle eine der folgenden:

  • Advice only

  • Intermediary Service only

  • Advice and Intermediary services

  • Intermediary and Administrative services

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