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Record Keeping Comply with regulated record keeping requirements
For an ongoing financial service with no definite end date (e.g., a living annuity), the record-keeping period of 5 years starts from which date?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The date the FSP's license was first issued.
- b) The date the financial service to the client ceased.Correct
- c) The date the Representative passed the RE5.
- d) The date the client was born.
Why this is the answer
The General Code of Conduct (Sec 3(4)) states that for ongoing services (like a recurring investment), the 5-year record retention period begins from the date the relationship or service is terminated by either party.
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