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Record Keeping Comply with regulated record keeping requirements
Mr Chetty advises a client on a long-term insurance policy on 10 November 2025. For how long must the FSP keep the record of that advice, as a minimum?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Five years from the date the policy is terminated.Correct
- b) Five years from 10 November 2025.
- c) Three years from 10 November 2025.
- d) Indefinitely, with no permitted destruction.
Why this is the answer
For an ongoing product the five-year clock runs from termination of the product (cancellation, maturity or pay-out), not from the date of advice. Three years is too short and indefinite retention is not required.
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