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Record Keeping Comply with regulated record keeping requirements
A Representative must record all material aspects of the service rendered. Which of the following is least likely to be considered a material aspect requiring mandatory recording?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The product recommended and the date of the advice.
- b) The client's financial situation and needs analysis.
- c) The Representative's personal lunch break schedule.Correct
- d) Any fee or commission received by the FSP/Representative.
Why this is the answer
The General Code of Conduct (Sec 3(4)) requires the recording of all information *material* to the financial service. This includes the client's details, the needs analysis, the products recommended, and the remuneration. A representative's personal schedule is not material to the service rendered.
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