All RE5 questions
Record Keeping Comply with regulated record keeping requirements
The record of advice must clearly distinguish between **advice** and **intermediary services** rendered. This separation is required to ensure:
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The FSP can charge different fees.
- b) The Representative knows which regulatory rules apply to each service.
- c) The FSP can demonstrate its compliance with the Code of Conduct's specific rules for advice.Correct
- d) The client can easily find the FSP's address.
Why this is the answer
The Code of Conduct has specific, stringent rules for 'advice' (like suitability analysis) that do not apply to 'intermediary services'. The record of advice (Sec 3(4)) must be detailed enough to prove that these specific advice-related duties (like the needs analysis) were properly performed.
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