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Record Keeping Comply with regulated record keeping requirements
An FSP advised a client on a unit trust in 2016. The client sold the whole investment, and the FSP became aware of this on 31 March 2021. Until when must the FSP keep the advice records under the General Code?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Until 31 March 2026, five years after the product was terminated.Correct
- b) Until 31 March 2024, three years after the termination of the product.
- c) Until 2021, five years after the advice was given in 2016.
- d) Indefinitely, because advice records on investments may never be destroyed.
Why this is the answer
Records must be kept for five years after the termination, to the knowledge of the provider, of the product concerned (or, where no product is involved, five years after the service was rendered). The period therefore runs from 31 March 2021 to 31 March 2026, not from the date of the advice.
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