R 265

EX. VAT

The FAIS Act and the Role of the Key Individual (KI)

Online

Course Overview


Key Individuals (KIs) play a central role in an entity's ability to obtain and maintain a licence to operate as a Financial Services Provider (FSP). In this course, we will look at the role of the Key Individual and why they play such a central role under FAIS.

The Role of a Key Individual (KI)

The role of the Key Individual (KI) is to manage and oversee the activities relating to the rendering of any financial services that an FSP is licenced to provide.

The terms 'management' and 'oversight' mean that a Key Individual has executive control over their area of responsibility and they are authorised to supervise people who work in their area of control.

A Key Individual needs to be in place before an application for a Financial Services Provider (FSP) licence can be submitted. In order for the FSP licence to be retained, Key Individuals need to be in place in all areas of financial services that the FSP is licenced to provide

In this course we cover the following responsibilities of a KI:

  • Ensuring the FSP adheres to all the conditions of its licence;
  • Ensuring that the FSP's policies and procedure ensure FAIS compliance and that they are implemented in the area of the FSP the Key Individual is responsible for;
  • Ensuring that all Representatives reporting to the KI maintain their fit and proper status and adhere to the General Code of Conduct;
  • Ensuring that all regulatory reporting is submitted to the FSCA, on time and with the correct information.