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Record Keeping Comply with regulated record keeping requirements
A client's short-term policy, sold in 2019, was cancelled in 2023. In 2024 she complained about how the policy had been sold, and the complaint was finally resolved in 2025. Until when, at least, must the FSP keep (a) the record of the advice, and (b) the record of the complaint?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) (a) until 2024 and (b) until 2029
- b) (a) until 2029 and (b) until 2030
- c) (a) until 2028 and (b) until 2029
- d) (a) until 2028 and (b) until 2030Correct
Why this is the answer
Records must be kept for five years after the product ends or the matter is concluded. The policy ended in 2023, so the advice record must be kept until 2028. The complaint record is kept for five years after the complaint was finalised in 2025, so until 2030.
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