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Record Keeping Comply with regulated record keeping requirements
A representative records client details and the needs analysis only in a personal notebook they keep at home. Under FAIS, what is the position?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) It is required, because client records must be kept off-site for security.
- b) This breaches the FSP's record-keeping procedures, because records must be kept within the FSP's controlled, accessible systems.Correct
- c) It is acceptable, because the representative owns the client relationship.
- d) It is acceptable, because any record of the advice is sufficient.
Why this is the answer
Keeping the only record in a personal home notebook breaches the FSP's record-keeping procedures — records must sit in the FSP's controlled, accessible systems. A private notebook is not sufficient, the representative does not own the records, and there is no rule requiring off-site personal storage.
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