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RSK4802 Assignment 2 2 2024 - DUE 28 October 2024
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RSK4802 Assignment 2 2 2024 - DUE 28 October 2024 QUESTIONS WITH ANSWERS
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RSK4802Assignment 2 2
2024 - DUE 28
October 2024
QUESTIONS WITH COMPLETE ANSWERS
[School]
[Course title]
, RSK4802 Assignment 2 2 2024 - DUE 28 October 2024
The Financial Advisory and Intermediary Act places a lot of importance on the Compliance
Officer position within the structures of a Financial Services Provider (FSP). According to the
Act, a Compliance Officer must be “fit and proper”. Discuss the Five fit and proper requirements
under the Act and explain the importance of these requirements in the in the context of risk
management.
The Financial Advisory and Intermediary Services (FAIS) Act in South Africa governs the
provision of financial services, and one of its core elements is ensuring that individuals who
perform financial advisory or intermediary services are deemed "fit and proper." This concept is
critical for compliance officers within Financial Services Providers (FSPs), who play a central
role in ensuring adherence to the FAIS Act. The "fit and proper" requirements set specific
standards to ensure that those involved in providing financial services are qualified and ethical.
The five fit and proper requirements are:
1. Honesty and Integrity
• Explanation: Compliance officers must demonstrate high levels of honesty, integrity,
and reliability. This includes a clean criminal record, no involvement in financial
misconduct, and upholding ethical behavior.
• Importance in Risk Management: Ensuring honesty and integrity reduces the risk of
fraudulent practices or unethical behavior within an FSP, thereby protecting clients and
the organization from legal and reputational risks.
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