All RE5 questions
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 one business day of receipt.Correct
- b) Within 24 calendar hours of receipt, regardless of business days.
- c) Within 48 hours of receipt.
- d) Within seven business days of receipt.
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.
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.