All RE5 questions
Record Keeping Comply with regulated record keeping requirements
Mr. Chetty, a Representative, advises a client on a long-term insurance policy on 10 November 2025. What is the minimum period for which the FSP must retain the record of this advice?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) 5 years from 10 November 2025.
- b) 3 years from 10 November 2025.
- c) 5 years from the date the policy is terminated.Correct
- d) Indefinitely.
Why this is the answer
The General Code of Conduct (Sec 3(4)), aligned with Sec 18 of the FAIS Act, mandates that for an ongoing product (like a long-term policy), records must be kept for a minimum period of 5 years *after the product is terminated* (e.g., cancelled, matured, or paid out).
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