A firm must arrange for orderly records to be kept of their business and internal organisation, including all services and transactions. This must be sufficient to allow the FCA to monitor the firm’s compliance with regulatory requirements. These records should be capable of being reproduced in English (if required or appropriate).
The general principle is that these records should be kept for as long as it is relevant for the purpose for which they are made. However, for certain records the FCA may require them to be kept for either three years or six years.
Appropriate records need to be kept in the following areas:
- Senior Management Arrangements.
- Compliance with regulation.
- Sales and administration.
- Training and competence
- Good repute
- Appointed representatives.
- Accounting and auditors’ reports.
- Complaints.
- Systems and Controls.
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