Task 1 Part C

Question 1

Define financial service provider?

Answer 1

Person,other than rep who as a regular feature of the business of such person-
a) furnishes advice
b)furnishes advice and renders any intermediary services;or
c)renders an intermediary service

Question 2

Define fit & proper requirements

Answer 2

Things that must be ticked depending on role to ensure competence and expertise required to offer a service in that role

Question 3

Intermediary service definition?

Answer 3

Act other than furnishing advice perfromed by a person-
a) the result of which is that a client may enter into,offers to enter into any transaction in respect of a financial product; or
b) with a view to
i);buying,selling or dealing kn managing,administering,keeping in safe custody,maintaining or servicing a financial product
ii) collecting or accojnting for premiums or other moneys payable by the client in respect of a financial produ t
iii) receiving,submitting,processing or settling the claims of a client in respect of a financial product

Question 4

Define key individual?

Answer 4

a) corporate or unincorporated body ,trust or partnership means any natural person responsible for managing or overseeing either alone or together with other so responsible persons,the activities of the body,trusts or partnership relating to the rendering of any financial service
b) a corporate body or trust consisting of only one natural person as a member,director,shareholder or trustee,means any such natural person

Question 5

Define licence?

Answer 5

Authority given by FSCA with conditions and exemptions as well as guidelines by which to maintain the license

Question 6

Define licensee?

Answer 6

Fsp that has license under FSCA and is able to provide fin services according to conditions set out by FSCA

Question 7

Define ombud?

Answer 7

Someone appointed by Minister of Finance qualified in law and who possesses adequate knowledge of the rendering of financial services
b)and can appoint other such people qualified in law to render financial services as deputy ombud

Question 8

What resignation notice period does an ombud have ?

Answer 8

3 calendar months

Question 9

Who determines remuneration of Ombud and deputy ombud?

Answer 9

Minister of Finance

Question 10

State reasons why ombud or deputy ombud may be removed from office?

Answer 10

1.Misbehaviour
2.Incapacity
3.Incompetence

Only after a disciplinary hearing