All RE5 questions
Record Keeping Comply with regulated record keeping requirements
Ms. Govender, a Key Individual, is conducting an internal audit. She finds that the FSP's records of new Representative appointments are only kept for 12 months. This is a failure to comply with the minimum FAIS Act record-keeping period of:
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) 2 years.
- b) 3 years.
- c) 5 years.Correct
- d) 7 years.
Why this is the answer
The FAIS Act (Sec 18) mandates that all records, including records of representative appointments and the FSP's register, must be maintained for a minimum period of 5 years. Keeping them for only 12 months is a clear breach.
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