Subject Title - INSETA

Self-Assessment QuestionsPlease note that the questions which follow are formative in nature. Thequestions were not developed by the FSB‟s examination bodies and as suchcannot be used as an indication of the nature/structure/level of the questionsthat you will encounter in the FSB‟s regulatory examination.1. The FSP, (and by implication it will be part of the management dutiesof a key individual), must ensure that records are kept:a) for a minimum of five (5) yearsb) for a minimum of three (3) yearsc) until the transaction or financial service is terminatedd) All the above2. Records that must be kept in terms of the FAIS Act include recordsof:a) known premature cancellations of transactions or financialproducts by clients of the FSPb) complaints received and information on whether thecomplaints have been resolvedc) ongoing compliance with the requirements of Section 8 of theFAIS Actd) All the above3. Requirements for record-keeping in terms of the FAIS General Codeinclude the following:a) Adequate systems and procedures to record verbal andwritten communications relating to the provision of financialservices to clientsb) Safekeeping of records from destructionc) Retrieval of the records and other material documentationrelating to clients or financial servicesd) All the above© INSETA - Section 1 12a 225