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Record Keeping Comply with regulated record keeping requirements
The record of advice should clearly distinguish advice from intermediary services rendered. Why does this separation matter?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Because the Code imposes specific duties (like a suitability analysis) on advice that the FSP must be able to prove it met.Correct
- b) So the FSP can justify charging two separate fees.
- c) So the representative remembers which clients to call back.
- d) So the client can easily find the FSP’s street address.
Why this is the answer
Advice carries stricter duties (notably the needs analysis and suitability) that intermediary services do not, so the record must show those advice-specific duties were performed. It is not about fees, reminders, or finding an address.
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