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Record Keeping Comply with regulated record keeping requirements
An FSP must keep its internal compliance reports and audit records. This is chiefly important for demonstrating:
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Its ongoing adherence to the Fit and Proper requirements and the FAIS Act.Correct
- b) Its marketing success.
- c) The commission it has earned.
- d) The number of staff it employs.
Why this is the answer
Compliance reports and audits are the evidence that the FSP actively monitors its own compliance, which it can show the FSCA. They are not measures of marketing, commission, or headcount.
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