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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 12 months. What FAIS minimum 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 five-year minimum retention period.Correct
- b) A two-year minimum retention period.
- c) A three-year minimum retention period.
- d) A seven-year minimum retention period.
Why this is the answer
FAIS records, including appointment records and the register, must be kept for at least five years. Twelve months is plainly short of that; the minimum is not two, three or seven years.
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