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Record Keeping Comply with regulated record keeping requirements
FSPs must keep client records safe from destruction. For how long must records generally be retained?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) At least five years after the relevant financial service is rendered or the business relationship/transaction ends.Correct
- b) At least two years after the client first makes contact.
- c) Indefinitely, with no permitted destruction at any time.
- d) Only until the end of the calendar year in which the advice was given.
Why this is the answer
The FAIS Act and General Code require records to be kept for a minimum of five years (measured from when the service was rendered, or the business relationship or transaction ended), and to be safeguarded against destruction. Two years, indefinite retention and 'end of the year' are all wrong.
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