RE5 Practice Questions - RE5 Regulatory Examination For Representatives (FAIS Act) Exam

Under the FAIS Act, what is the primary distinction between 'advice' and an 'intermediary service'?

Advice recommends; intermediary service implements or administers Advice is free, while an intermediary service is always charged for Advice may only be given by key individuals, while intermediary services may be given by anyone Advice relates to short-term insurance and intermediary services relate to long-term insurance

Correct Answer:

Advice recommends; intermediary service implements or administers

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