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Code of Conduct Adhere to the specific Codes of Conduct
Sive receives premium money from a client to pass on to the product supplier. Under the General Code of Conduct, by when must she pay client funds into the designated account?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Within seven business days of receipt.
- b) Within 48 hours of receipt.
- c) Within one business day of receipt.Correct
- d) Within 24 calendar hours of receipt, regardless of business days.
Why this is the answer
The General Code requires funds held on behalf of clients to be paid into the appropriate account within one business day of receipt. 'One business day' is not the same as a flat 24 hours, and 48 hours or seven days are both too long.
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