Brian Ndimande
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Chapter 1

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Brian Ndimande
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RE5 - Chapter 1 Quiz

Pregunta 1 de 4

1

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

Selecciona una de las siguientes respuestas posibles:

  • The client that concluded the original transaction

  • The person who is a successor in title

  • The beneficiary of the product

  • The general public

Explicación

Pregunta 2 de 4

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 3 de 4

1

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

Selecciona una de las siguientes respuestas posibles:

  • Cheque Account

  • Credit life protection plan

  • 32-day notice call account

  • Insurance on a bond

Explicación

Pregunta 4 de 4

1

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

Selecciona una de las siguientes respuestas posibles:

  • Short-term Commercial Lines

  • Participative interests in one or more collective investments

  • Forex investment business

  • Long-term subcategory B1

Explicación

Pregunta 5 de 4

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 6 de 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?

Selecciona una de las siguientes respuestas posibles:

  • The Supervision Department

  • The Enforcement Department

  • The Registrations Department

  • d) The licensing Department

Explicación

Pregunta 7 de 4

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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).

Explicación

Pregunta 8 de 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?

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 9 de 4

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 10 de 4

1

Rellena los espacios en blanco para completar el texto.

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

Explicación

Pregunta 11 de 4

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 12 de 4

1

GENERAL CODE OF CONDUCT

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 13 de 4

1

FOREX INVESTMENT BUSINESS

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 14 de 4

1

SPECIFIC CODE OF CONDUCT

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 15 de 4

1

NOTICE ON CODES OF CONDUCT

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 16 de 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.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 17 de 4

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 18 de 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

Selecciona una de las siguientes respuestas posibles:

  • I. A

  • II. B

  • III. C

  • IV. A & B

  • V. D

  • VI. C & D

Explicación

Pregunta 19 de 4

1

Rellena los espacios en blanco para completar el texto.

Giving advice is to ❶, ❷…. and ❸

Recommend
Suggest
Propose

Explicación

Pregunta 20 de 4

1

Rellena los espacios en blanco para completar el texto.

Giving advice is to ❶., ❷ and ❸

Explicación

Pregunta 21 de 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.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 22 de 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.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 23 de 4

1

Rellena los espacios en blanco para completar el texto.

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

Explicación

Pregunta 24 de 4

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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

Explicación

Pregunta 25 de 4

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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

Explicación

Pregunta 26 de 4

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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

Explicación

Pregunta 27 de 4

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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

Explicación

Pregunta 28 de 4

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 29 de 4

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 30 de 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?

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 31 de 4

1

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

Selecciona una de las siguientes respuestas posibles:

  • Category I Collective Investment Schemes

  • Category I Structured deposits

  • Category II Collective investment schemes

  • Category II Structured deposits

Explicación

Pregunta 32 de 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.

Selecciona una de las siguientes respuestas posibles:

  • ii and iv only

  • ii, iii and iv only

  • i, iii and iv only

  • i, ii, iii and iv

Explicación

Pregunta 33 de 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”

Selecciona una de las siguientes respuestas posibles:

  • Advice

  • Intermediary Services

  • Advice and Intermediary services

  • Neither

Explicación

Pregunta 34 de 4

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 35 de 4

1

Financial services include:

Selecciona una de las siguientes respuestas posibles:

  • Instructions on the development of products

  • The rendering of advice and/or intermediary services

  • The processing of policy applications

  • Overseeing of the compliance processes.

Explicación

Pregunta 36 de 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

Selecciona una de las siguientes respuestas posibles:

  • B and C

  • A and C

Explicación

Pregunta 37 de 4

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 38 de 4

1

What are the objectives of the FAIS Act?

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 39 de 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;

Selecciona una de las siguientes respuestas posibles:

  • Advice only

  • Intermediary Service only

  • Advice and Intermediary services

  • Intermediary and Administrative services

Explicación

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