Task 3 — Key Individuals (KIs)

A Key Individual is the natural person who manages or oversees the rendering of financial services by an FSP. Every FSP must have at least one approved KI for each licensed category and sub-category. The Fit and Proper Requirements impose minimum standards of honesty, integrity, competence and operational ability that must be met both on appointment and continuously thereafter.

• 01KI must hold the prescribed qualification, pass the relevant Regulatory Examination (RE1) and complete class-of-business training for every product class supervised.
• 02Continuous Professional Development (CPD) — minimum hours per rolling 12-month cycle aligned to the KI's class-of-business profile.
• 03Direct accountability to the FSCA for systemic compliance failures within the FSP.
• 04Departure of a KI must be notified to the FSCA, and an alternate KI plan tabled before any gap arises.

• 01Distinguish KI duties from representative duties — common trap question.
• 02Minimum number of KIs required per FSP licence category.
• 03When the FSCA may debar a KI under section 14 of FAIS.
• 04Triggering events that require the KI register to be updated.