All RE5 questions
Record Keeping Comply with regulated record keeping requirements
A client submits a formal complaint to the FSP about advice received 2 years ago. The FSP is required to keep a record of this complaint, and all related correspondence, for a minimum period of:
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) 6 months from the complaint date.
- b) 1 year from the complaint date.
- c) 5 years from the date the complaint is resolved.Correct
- d) 5 years from the date of the original advice.
Why this is the answer
The General Code of Conduct (Sec 3(4)) and FAIS Act (Sec 18) require *all* records relating to the FSP's compliance, including a register of complaints and their resolution, to be maintained for a minimum period of 5 years. This period starts from the date the complaint is finalized (a form of service termination).
Want to test yourself on 700+ more questions like this?
Start your free RE5 simulator today — timed mock exams, full answer explanations and cloud-synced progress tracking.