RE5 Representative (1st)

What defines a representative?

Provides financial services on behalf of a licensed FSP.

How does a representative differ from a clerical worker?

A representative uses judgment and leads clients to specific transactions.

What must a representative confirm to clients?

They have an agreement with the FSP and the FSP accepts responsibility.

What are the fit and proper requirements for a representative?

Competency, honesty, integrity, operational ability, and CPD.

What happens if a representative does not comply with regulations?

They may be debarred from acting as a representative.

What is required for a supervised representative's experience?

Must work under supervision for minimum periods applicable to their category.

What is the minimum educational requirement for Category I or IV FSP representatives?

A minimum of Grade 12 National Certificate or equivalent.

What must a supervision agreement include?

Tasks, knowledge requirements, training needs, and supervision arrangements.

What are the supervisor's responsibilities?

Ensure compliance with the supervision agreement and mentor the representative.

What must a supervised representative disclose to clients?

That they are rendering financial services under supervision.

How long can a representative work under supervision?

For a maximum of 72 months (6 years).

What defines a representative?

Provides financial services on behalf of a licensed FSP.

What is not considered a representative?

Someone performing clerical or administrative tasks without judgment.

What must a representative confirm to clients?

They have an agreement with the FSP and the FSP accepts responsibility.

What are the fit and proper requirements for a representative?

Competency, honesty, integrity, operational ability, and CPD.

How does a representative differ from a key individual?

Key individuals require financial soundness in addition to other criteria.

What happens if a representative does not comply with regulations?

They may be debarred from acting as a representative.

What is required for a supervised representative's experience?

Must work under supervision for minimum periods applicable to their category.

What is the minimum educational requirement for Category I or IV FSP representatives?

A minimum of Grade 12 National Certificate or equivalent.

What must a supervision agreement include?

Tasks, knowledge requirements, training needs, and supervision arrangements.

What are the supervisor's responsibilities?

Ensure compliance with the supervision agreement and mentor the representative.

What must a supervised representative disclose to clients?

That they are rendering financial services under supervision.

How long can a representative work under supervision?

For a maximum of 72 months (6 years).