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Record Keeping Comply with regulated record keeping requirements
An internal audit finds that records of new representative appointments are kept for only two years before being destroyed. Which requirement does this breach?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The six-week complaint-response period.
- b) The two-year RE5 examination deadline.
- c) The six-month Ombud referral period.
- d) The five-year minimum retention period, because such records must be kept for at least five years.Correct
Why this is the answer
Destroying appointment records after only two years breaches the five-year minimum retention requirement. The RE5 deadline, Ombud referral period and complaint-response window are unrelated timeframes.
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