All RE5 questions
Record Keeping Comply with regulated record keeping requirements
A Representative uses a personal notebook to record client details and the needs analysis. According to FAIS Act requirements, this system 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 Representative buys a new notebook every year.
- b) The notebook is approved by the client.
- c) The FSP's record-keeping procedures incorporate and secure this method, ensuring retrieval and auditability.Correct
- d) The details are not shared with the FSP.
Why this is the answer
The FAIS Act (Sec 18) places the record-keeping duty on the FSP. The *method* is not prescribed, but it *must* be secure, auditable, and easily retrievable. If the FSP's official, secure procedure is to incorporate the notebook into its system (e.g., scanning and backing it up), it could be compliant. The record *must* be part of the FSP's system (D is incorrect).
Want to test yourself on 700+ more questions like this?
Start your free RE5 simulator today — timed mock exams, full answer explanations and cloud-synced progress tracking.
More Record Keeping questions
- FSPs must keep client records safe from destruction. For how long must records generall…
- Which of the following is NOT among the records of advice an FSP must keep and be able…
- What must a record of advice issued to a client contain?
- For how long must an FSP retain records of advice and related client documentation unde…