Task 1 Part B

Question 1

Define conduct standards?

Answer 1

(1)FSCA may make standards for or in respect of :
(a) fin instns
(b)reps of fin institutions
(c)key persons of financial instituitions
(d)contractors.

Question 2

Define collective investment scheme?

Answer 2

Financial products where money from a number of different ibvestors is pooled and then invested by a fund manager according to specific criteria

Question 3

Define complainant?

Answer 3

Specific client who submits a compliant to the Ombud

Question 4

Define complaint?

Answer 4

Means a specific complaint relating to a fin service rendered by a financial services provider or rep to the complainant on or after the date of commencement of this Act and which complaint it is alleged that the provider or rep-
(a) has contravened or failed to comply with a provision of this Act & that as a result thereof has suffered or is likely to suffer financial prejudice
or damage
(b)has wilfully or negligently rendered a fin service to the complainant which has cozd prejudice or damage
(c) has treated the complainant unfairly

Question 5

Define compliance officer ?

Answer 5

Person authorised by the FSCA to monitor compliance with the FAIS Act and to be liason with the registrar

Question 6

Define continous professional development?

Answer 6

Process of learning and development with the aim of enabling a financial service provider,KI,rep or compliance officer to maintain competency with this Act

Question 7

Define court?

Answer 7

Court having jurisdiction

Question 8

Define document?

Answer 8

Includes a document created,recorded,transmitted or stored in digutal or other intangible but readable form by way of electronic,magnetic ,optical or any similar means

Question 9

Exempt definition?

Answer 9

Exemption on an application by a person or on the registrar’s own initiative on any of the grounds

Question 10

Define financial product?

Answer 10

All products under all tiers