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Record Keeping Comply with regulated record keeping requirements
The FSP must retain records of all **internal compliance reports and audits**. This is crucial for demonstrating:
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The FSP's marketing success.
- b) The amount of commission paid to the FSP.
- c) Ongoing adherence to the Fit and Proper requirements and FAIS Act.Correct
- d) The number of staff employed.
Why this is the answer
Internal compliance reports and audits are part of the FSP's 'Operational Ability'. These records (FAIS Act, Sec 18) are the primary evidence the FSP can use to demonstrate to the FSCA that it is actively monitoring its own compliance with the FAIS Act and all Fit and Proper requirements.
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