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Record Keeping Comply with regulated record keeping requirements
A representative resigns from the FSP. What is the FSP’s continuing obligation regarding the records that representative created while employed?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The FSP must continue to maintain the records for the full minimum period (five years).Correct
- b) The FSP may destroy those records as soon as the representative leaves.
- c) The FSP must hand the records over to the former representative.
- d) The FSP must transfer the records to the FSCA for safekeeping.
Why this is the answer
Record-keeping responsibility rests with the FSP, not the individual. So when a representative departs, the FSP must still keep the client and advice records for the full statutory period. It may not destroy them, give them to the ex-employee, or offload them onto the regulator.
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