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Record Keeping Comply with regulated record keeping requirements
If a Representative leaves the FSP's service, what is the FSP's continuing obligation regarding the records generated by that Representative during their employment?
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 destroy all records immediately.
- b) The records must be handed over to the former Representative.
- c) The FSP must continue to maintain the records for the minimum required period (5 years).Correct
- d) The FSP must transfer the records to the FSCA.
Why this is the answer
The legal responsibility for record keeping (General Code, Sec 3(4)) rests with the FSP, not the individual representative. Therefore, even if the representative leaves, the FSP remains obligated to securely maintain all client and advice records for the full 5-year statutory period.
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