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Record Keeping Comply with regulated record keeping requirements
A client asks for a copy of the record of advice from a meeting last year. What is the FSP's obligation?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Provide it, since records of advice must be kept (at least five years) and made available to the client.Correct
- b) Refuse, because records belong solely to the FSP.
- c) Charge the client a penalty for asking.
- d) Claim the record was destroyed the next day.
Why this is the answer
Records of advice must be retained for at least five years and be available to the client. A client may obtain a copy; the FSP cannot withhold it or claim improper early destruction.
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