Which statement best describes the role and responsibilities of a Key Individual (KI) under FAIS?

• A. To approve every product sale.
• B. To manage marketing strategy.
• C. A senior person responsible for ensuring the firm's compliance with FAIS and the Code of Conduct and for overall regulatory responsibility.
• D. To handle IT infrastructure.

Answer: (C)

The key idea is that a Key Individual is the senior person who carries the ultimate regulatory responsibility for the firm’s FAIS compliance and its adherence to the Code of Conduct. This role is about governance and accountability: ensuring the firm has proper policies, controls, and resources to meet FAIS requirements, supervising the compliance function and staff competence, and being answerable for any FAIS breaches within the business. It isnures that the firm acts fairly and professionally in its dealings with clients and maintains its fitness and propriety to hold its licence. The other activities—approving every product sale, managing marketing strategy, or handling IT infrastructure—are operational tasks that do not capture the overarching accountability and regulatory responsibility that defines a Key Individual.