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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 fourteen months ago. The FSP says records are 'internal' and refuses. Which statement is correct?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The FSP may refuse, because records need be kept for only twelve months.
- b) The FSP must provide it, as the record concerns her and must be kept.Correct
- c) The FSP may refuse, because records of advice are internal documents.
- d) The FSP need provide it only if she has lodged a complaint.
Why this is the answer
Records of advice must be kept for at least five years after the service, and a client is entitled to the record of the advice given to her. Fourteen months is well within the period, and her right does not depend on a complaint.
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