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Record Keeping Comply with regulated record keeping requirements

For an ongoing service with no fixed end date (such as a living annuity), when does the five-year record-retention period start to run?

RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.

  1. a) From the date the financial service to the client ceases.Correct
  2. b) From the date the FSP’s licence was first issued.
  3. c) From the date the representative passed the RE5.
  4. d) From the client’s date of birth.

Why this is the answer

For an ongoing service the five years run from termination of the relationship/service. The licence date, the rep's RE5 date and the client's birth date are all irrelevant to the retention clock.

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