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Record Keeping Comply with regulated record keeping requirements
On receiving documents of title into safekeeping, what must the FSP do under the General Code?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Promptly provide written confirmation of receipt that adequately describes the documents held.Correct
- b) Provide no acknowledgement and hope the client remembers.
- c) Destroy any copies to save storage space.
- d) Wait a year before confirming anything.
Why this is the answer
The Code requires prompt written confirmation of receipt with a sufficient description of the documents of title held, so there is a clear record of what the FSP is holding for the client.
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