Building Your Own Actions in Adobe Photoshop

What is the purpose of debarment?

to prevent a person from rendering any financial services as a representative of any FSP.
to prevent a representative from entering a bar.
to prevent a person from working in the financial industry ever again

Which individual can only be debarred by the FSCA?

A Representative of an FSP
A Key Individual of an FSP

What type of conduct will not lead to a debarment of a representative?

Theft, fraud, forgery, uttering a forged document, perjury, or an offence involving dishonesty, misrepresentation or embezzlement.
Been found guilty in disciplinary proceedings, by an employer, due to dishonest activities
Been, or is being, suspended, dismissed or disqualified from acting as a director, managing executive, public officer, auditor or statutory actuary (or his/her alternate), under any law
A misconduct that happened 9 months after a person ceased to be a representative of an FSP

Choose the correct statement.

When an FSP debar a representative, the FSP must –

notify the FST within five days of the debarment; and provide the FST with the grounds and reasons for the debarment within 15 days of the debarment.
notify the FSCA within five days of the debarment; and provide the FSCA with the grounds and reasons for the debarment within 15 days of the debarment.
notify The Prudential Authority within five days of the debarment; and provide the Prudential Authority with the grounds and reasons for the debarment within 15 days of the debarment

How long is the minimum term of debarment?

6 months
12 months
18 months
24 months

What options are available to a representative after receiving a Debarment notification?

Lodging a complaint at the FAIS Ombud
Apply to the FSCA for reconsideration
Apply to the Financial Services Tribunal for reconsideration

A debarment order in respect of a natural person takes effect from;

a) the date on which it is served on the person or

b) if the order specifies a later date, the later date.

TRUE
FALSE

The Financial Services Tribunal’s decision to send a debarment order back to the FSP affects a person’s debarment status and the employment status.

TRUE
FALSE

The recording of a debarment in the register of representatives translates into an administrative act.

TRUE
FALSE

What is the time allowed to make a submission against a debarment order?

5 days
15 days
24 months
At least one month

Complete the sentence by dragging the missing word from the list supplied.

Sort elements

FAIS Act
FSCA
FSP
still
does not
Procedural
interest

In terms of section 39 of the ……………. any person aggrieved by a decision of an FSP to debar that person in terms of section 14 may apply for the reconsideration of the decision to the Financial Services Tribunal.

The …………. must enter the name of the representative into the database of debarred representatives.

The administrative action is complete once the debarring ………. takes a decision.

Reason for a debarment must have occurred and became known to the FSP while the person was ………. a representative of the FSP.

A guilty outcome under the LRA ………… automatically leads to a guilty outcome under FAIS.

The Tribunal can only substitute the debarment decision of the FSP with its own decision if the …………. requirements for the FSP’s decision were met in the first place.

It must be ensured that the debarment does not prejudice the ……….. of clients of the representative and that any unconcluded business of the representative is properly concluded.

What does the abbreviation “PAJA” stands for?

The Protection of Administrative Justice Act 3 of 2000
The Promotion of Administrative Justice Act 3 of 2000
The Prevention of Administrative Justice Act 3 of 2000
The Procedure of Administrative Justice Act 3 of 2000

On what basis will the Tribunal remit the Debarment matter back to the company for further consideration?

Failure to give notice of intention to debar to the relevant person.
Failure to inform the relevant person his procedural rights.
Failure to allow the relevant person a reasonable opportunity to make a submission.
Failure to inform the relevant person that the disciplinary hearing is also a debarment process.
Failure to supply the Debarment Policies and Procedures to the relevant person.
All of the above
None of the above

Choose the correct statement.

Section 14 of the FAIS Act requires that an oral hearing be held.
Section 14 of the FAIS Act does not requires that an oral hearing be held.

Choose the correct statement?

An FSP may debar a key individual.
An FSP may not debar a key individual

Match the term to the description.

Sort elements

Section 14(2) of the FAIS Act
Requirement 2
Section 14(3) of the FAIS
Application of appeal
Requirement 1

Requires that the debarment process be lawful, reasonable, and procedurally fair.

Debarment must commence no longer than six months from the date that the person ceased to be a representative of the FSP.

Give a representative an opportunity to make submissions in response to the grounds and reasons for the FSP’s intention to debar him/her

The action of challenging an FSP decision to debar a representative

The reason for the debarment must have occurred and became known to 8 the FSP while the person was still a representative of the FSP

What is the fine for late submission of a debarment?

R1,000 per day
Minimum fine of R 1000 per day plus interest
Maximum fine of up to a R 1000 per day plus interest

If I am debarred by my FSP, can I get a job elsewhere?

Yes, but not as representative.
No

Choose the correct statement

If a Key Individual is linked to more than one FSP and FSP1 debars the Key Individual, then FSP2 will be informed by the FSCA that the said Key Individual has been debarred.
If a Key Individual is linked to more than one FSP and FSCA debars the Key Individual, then FSP2 will be informed by FSP1 that the said Key Individual has been debarred.
If a Key Individual is linked to more than one FSP and the FSCA debars the Key Individual, then FSP2 will be informed by the FSCA that the said Key Individual has been debarred.

What does debarment mean?

A person is banned from working in the financial industry as a key individual or representative without any alternative option such as a fine or rehabilitation.
A cutting back or a reduction
To get rid of unwanted people

Which of the following statements are false? (More than one answer may be correct)

Debarment proceedings should not be abused for hidden purposes.
An FSP may make debarments and the reasons for this known by notice on the FSP'S website or by means of any other appropriate public media.
Procedural fairness means that a proper and fair procedure must not be followed, and no shortcuts taken.
Debarment must always be considered with great caution to avoid bias.
The Tribunal can not substitute the decision of the FSP with its own decision if the procedural requirements for the FSP’s decision were met in the first place.

Building Your Own Actions in Adobe Photoshop

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