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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 retention period begin 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 finally ceased — for example when the product was terminated or the relationship ended.Correct
  2. b) From the date the service was first proposed, regardless of when it ends.
  3. c) From the start of the FSP's financial year in which it began.
  4. d) From the date the representative passed the RE5.

Why this is the answer

For an ongoing service the five-year clock runs from when the service finally ceased, so records remain available after the relationship ends. It does not run from the proposal, the financial-year start, or the representative's exam date.

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