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A representative prepares a thorough record of advice and files it. When the client asks for a copy, he refuses, saying it is an internal compliance document. Which statement is correct?

RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.

  1. a) He is in breach, because the client must be given a copy in writing.Correct
  2. b) He is correct, unless the client first lodges a formal complaint about the advice.
  3. c) He is in breach only if the client asked for the copy within 30 days of the advice.
  4. d) He is correct, because the record is kept for the Authority and not for the client.

Why this is the answer

A provider must maintain a record of advice and must provide the client with a copy of it in writing. The record exists so that the client can see the basis of the advice, not only for regulatory inspection. The client's entitlement does not depend on a complaint or on a time limit.

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