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Record Keeping Comply with regulated record keeping requirements
For how long must an FSP retain records of advice and related client documentation under FAIS?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) A minimum of five years (from rendering the service or the end of the relationship/transaction), safeguarded against destruction.Correct
- b) A maximum of 30 days.
- c) Only until the client’s policy is issued.
- d) No set period; records may be discarded at will.
Why this is the answer
FAIS requires records to be kept for at least five years and protected from destruction, so they remain available to the client, the FSP and the regulator. Thirty days, issue-date deletion, or discarding at will would all breach the rule.
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