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Are you ready for the RE5?

10 RE5-style questions, picked at random from our practice bank. No sign-up. You need 65% to pass the real exam, so aim for 7 or more.

These are practice questions written by Danley from the RE5 syllabus. They are not past exam papers: those are not published.

Question 1 of 10

When MUST an FSP debar a representative?

A When the representative misses a sales target B When the representative resigns C When a client complains once D When satisfied the representative no longer meets the fit and proper requirements, or has contravened the Act in a material manner

Question 2 of 10

Which of the following is "advice" in terms of the FAIS Act?

A Recommending that a client replace an existing retirement annuity with a new one B Explaining the procedure for completing a policy application form C Handing a client a product brochure D Answering a routine query about a policy number

Question 3 of 10

A broker accredited under the Medical Schemes Act has its FAIS licence withdrawn. What happens to the broker accreditation?

A It is treated as withdrawn too B It is not affected C It is converted into a representative appointment D It continues for 12 months

Question 4 of 10

A talk-show host speaks about investing to the general public on the radio. Is the audience a "client" under FAIS?

A No, a client is a specific person or group of persons, not the general public B Yes, every listener is a client C Yes, but only listeners who phone in D Only if the host is a licensed FSP

Question 5 of 10

An FSP fails to pay an administrative penalty imposed on it. What may follow?

A The licence lapses automatically B Nothing, penalties are voluntary C The FAIS Ombud takes over the business D The Authority may suspend or withdraw the licence

Question 6 of 10

A company FSP has only one director, Lerato, who is also its only shareholder. Who is the key individual?

A Nobody, a one-person company does not need one B The compliance officer C Lerato D The product supplier

Question 7 of 10

After an FSP has been licensed, which statement is true?

A The FSP, its key individuals and its representatives must continue to meet the fit and proper requirements, including CPD B Fit and proper requirements only apply at the time of the application C Only representatives must continue to meet the requirements D Only the key individual must continue to meet the requirements

Question 8 of 10

An older textbook says a duty is owed to "the registrar". How should you read that today?

A As the FAIS Ombud B As the compliance officer C As the Financial Intelligence Centre D As the Authority, the Financial Sector Conduct Authority

Question 9 of 10

A staff member receives and submits a client's claim to an insurer without recommending anything. This is best described as:

A Advice B An intermediary service C Neither advice nor a financial service D A financial product

Question 10 of 10

An insurer issues a funeral policy that a broker sells to a client. In FAIS terms, the insurer is the:

A Key individual B Product supplier C Representative D Compliance officer

0 of 10 answered

Danley

Plain-language preparation for the FSCA RE5 regulatory exam.

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