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Code of Conduct Adhere to the specific Codes of Conduct
Terrific Custody Services has started holding clients' documents of title. Under the General Code of Conduct, what must they do on receiving such documents?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Promptly provide written confirmation of receipt that contains a description sufficient to identify the documents held.Correct
- b) Hold the documents but provide no acknowledgement unless the client specifically asks for one.
- c) Provide only a verbal acknowledgement at the next client meeting.
- d) Provide written confirmation within 30 days, with no description of the documents.
Why this is the answer
Where a provider holds documents of title, the Code requires prompt written confirmation of receipt with enough detail to identify the documents. A vague or absent acknowledgement, or a month-long delay with no description, would not satisfy the Code.
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