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Record Keeping Comply with regulated record keeping requirements
An FSP wants to confirm it is meeting the operational-ability requirement for record-keeping. Which arrangement best satisfies this?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Systems that securely store required records for at least five years and allow them to be retrieved for clients and the regulator.Correct
- b) Keeping everything only in a single staff member’s memory.
- c) Shredding records as soon as a transaction completes.
- d) Storing records only on a personal phone with no backup.
Why this is the answer
Adequate record-keeping means secure, retrievable storage of required records for at least five years, accessible to clients and the regulator. Relying on memory, shredding immediately, or unsecured personal storage all fail the requirement.
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