Subject Title - INSETA

Self-Assessment Answers1. 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 above4. Section 22 of the FICA requires accountable institutions that establisha business relationship or conclude a transaction with a client, tokeep records of a single transaction or of additional transactionsconcluded in the course of a business relationship.a) Trueb) False5. In terms of Section 24 (1) of the FIC Act, the record-keepingobligation may not be outsourced to a third party.a) Trueb) False© INSETA - Section 1 12a 227