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Record Keeping Comply with regulated record keeping requirements
The record of advice must show that the client was told of their right to complain. Capturing this primarily satisfies which requirement?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Record keeping (and disclosure), because the FSP must be able to demonstrate the client was given their complaint rights.Correct
- b) Beneficial-ownership verification under the FIC Act.
- c) The two-year RE5 examination requirement.
- d) Financial soundness, because complaint rights form part of the FSP's capital.
Why this is the answer
Recording that the client was told of their complaint rights satisfies record-keeping and disclosure duties. It is unrelated to the FSP's capital, FIC ownership verification, or the RE5 examination.
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