All RE5 questions
Record Keeping Comply with regulated record keeping requirements
What must a record of advice issued to a client contain?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) A summary of the information on which the advice was based, the products considered, and the reasons the chosen product was likely to satisfy the client’s needs.Correct
- b) Only the representative’s name and the date of the meeting.
- c) Only the commission the representative will earn.
- d) Nothing in particular, as records of advice are optional.
Why this is the answer
A record of advice must capture the basis of the advice: the client information relied on, the products considered, and why the recommended product was likely to meet the client's identified needs and objectives. It is mandatory, not optional.
Want to test yourself on 700+ more questions like this?
Start your free RE5 simulator today — timed mock exams, full answer explanations and cloud-synced progress tracking.
More Record Keeping questions
- FSPs must keep client records safe from destruction. For how long must records generall…
- Which of the following is NOT among the records of advice an FSP must keep and be able…
- For how long must an FSP retain records of advice and related client documentation unde…
- On receiving documents of title into safekeeping, what must the FSP do under the Genera…