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Record Keeping FAIS Act Compliance
For how long, at a minimum, must an FSP retain records of advice and client transactions after the relevant product or service is terminated?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Ten years.
- b) Five years.Correct
- c) One year.
- d) Three years.
Why this is the answer
FAIS and the General Code require records to be kept for at least five years after termination of the product/service (or the transaction), so they remain available to the client and the regulator. One and three years are too short; ten years is not the prescribed minimum.
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