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Financial advisory
RES5Financial Advisory Services✓Which of the following are CORRECT about the validity of the two assessments? (a) Once 3 years have expired from the date of the Customer Account Review, the customer may continue to transact only if the firm is satisfied that he has transacted in a listed Specified Investment Product through the account more than once during the preceding 3-year period. (b) A positive Customer Knowledge Assessment allows the customer to transact in that unlisted Specified Investment Product for one year from the date of the assessment. (c) The customer's profile should be obtained at on-boarding and updated at least annually. (d) A new Customer Account Review conducted by a third party may never be relied on. Which of the following are CORRECT?
MAS Notice SFA 04-N12 paragraphs 16 and 26 with RES 1B sections 2.5.1.4 to 2.5.1.6 and RES 2B sections 6.6.4 and 6.6.5: the firm may conduct a new CAR or rely on a new CAR conducted by a third party for the customer. Takeaway: CAR runs 3 years and can be kept alive by trading; CKA runs one year and cannot.
The refresh test is more than once in each 3-year period, not six trades again.
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