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Record Keeping Comply with regulated record keeping requirements
An FSP must keep its records available for inspection by which body or person?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The FSCA, or a person appointed by the FSCA.Correct
- b) The product supplier whose products were sold.
- c) The local municipality in which the FSP operates.
- d) Any family member of the client on request.
Why this is the answer
FAIS requires records to be maintained and made available for inspection by the FSCA or its appointee (such as an inspector or auditor). Product suppliers, municipalities and clients' relatives have no such inspection right.
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