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Record Keeping Comply with regulated record keeping requirements
A representative records client details and the needs analysis in a personal notebook. Under FAIS this is acceptable only if:
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The FSP’s record-keeping procedures incorporate and secure that method so records stay retrievable and auditable.Correct
- b) The representative buys a fresh notebook each year.
- c) The client personally approves the notebook.
- d) The details are deliberately kept away from the FSP.
Why this is the answer
The record-keeping duty rests on the FSP and the method is not prescribed — but the records must be secure, retrievable and auditable as part of the FSP's system. Keeping them out of the FSP's system would breach the duty; a new notebook or client approval is irrelevant.
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