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Record Keeping Comply with regulated record keeping requirements
Who is ultimately responsible for ensuring the FSP's records are kept correctly for the five-year period?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The FSCA, because it sets the record-keeping rules.
- b) The most junior clerk who physically files the records.
- c) The client, because the records concern the client's own affairs.
- d) The FSP and its key individual, because responsibility for compliance cannot be delegated even where the task is.Correct
Why this is the answer
The FSP and its key individual remain ultimately responsible for correct record-keeping. Responsibility does not pass to a junior clerk, the regulator that sets the rules, or the client.
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