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Record Keeping Comply with regulated record keeping requirements
An FSP scans all client documents, stores them in a cloud system and shreds the paper originals. Which statement reflects 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) This is acceptable only if the Authority has approved the storage system in advance.
- b) This is acceptable only for records older than one year, with newer records kept on paper.
- c) This is acceptable if the records are accessible and readily reducible to written or printed form.Correct
- d) This is a breach, because original paper documents must be kept for the full five years.
Why this is the answer
Records may be kept in an appropriate electronic or recorded format, provided they are accessible and readily reducible to written or printed form. The Code does not insist on paper originals, prior approval of the system, or a paper period, although the records must be kept safe from destruction.
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