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Record Keeping Comply with regulated record keeping requirements
Which of these must an FSP keep as records under the FAIS Act and the General Code? i) Records of the advice given to clients. ii) Records of complaints received and how they were resolved. iii) Records of instructions received from clients. iv) Copies of each representative's personal tax returns.
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Statements i, iii and iv
- b) Statements i and ii
- c) Statements i, ii and iiiCorrect
- d) All four statements
Why this is the answer
An FSP must keep records of the financial services it renders, including advice, client instructions, and complaints with their outcomes, for at least five years. Representatives' personal tax returns have nothing to do with the services rendered and are not FAIS records.
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