Subject Title - INSETA

intermediary service and/or advice relating to the financial products the FSPis licensed for (category and subcategories).2.1.2 The role of a key individualWe also see that it is possible that an FSP can have one natural person in thebusiness (sole proprietor) and that person can be the key individual as well.In other words, the sole proprietor and the key individual is the same person.The Act refers to the FSP in this instance as "the applicant". Insurancecompanies will normally have designated key individuals and representatives.Key individuals may also act as representatives, in which case they have tomeet the requirements for both roles respectively.Section 17(3) of the Act states that an FSP must establish and maintainprocedures to be followed by the FSP and its representatives in complyingwith the Act. The KI is usually tasked, on behalf of the FSP, with ensuringthat such procedures (for example, procedures in respect of the provision ofadvice, or retaining records of advice) are implemented and maintained.RepKISolePropSpecific fit and properrequirementsfor representativesSpecific fit and properrequirementsfor key individualsSpecific fit and properrequirementsfor FSPsLet's look at some examples that explain the various „hats‟ that keyindividuals can wear.© INSETA - Section 1 12a 23