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  2. Point in time
    2007-06-10

COB 3.7 Records

Requirement to make and retain records

COB 3.7.1R
  1. (1)

    A firm must make an adequate record of each non-real time financial promotion which it has confirmed as complying with the rules in this chapter.

  2. (2)

    A record in (1) must be retained for the following periods:

    1. (a)

      indefinitely in the case of a financial promotion relating to a pension transfer, pension opt-out or FSAVC;

    2. (b)

      six years in the case of a financial promotion relating to a life policy, personal pension scheme3 or stakeholder pension scheme;

      3
    3. (c)

      three years in any other case.

Content of records

COB 3.7.2G

In deciding what is an adequate record under COB 3.7.1 R, a firm should consider including, or providing reference to, where appropriate matters such as:

  1. (1)

    the name of the individual or individuals who confirmed that the financial promotion complied with the rules in this chapter;

  2. (2)

    the date of confirmation and (where appropriate) approval;

  3. (3)

    details of the medium for which the financial promotion was authorised;

  4. (4)

    the evidence supporting any material factual statement about an investment matter in the financial promotion.

COB 3.7.3G
  1. (1)

    A firm should also retain a copy of the financial promotion as finally published or, if this is not practicable, monitor the published version to verify that it is in substantially the same format as the version which the firm confirmed complied with the rules in this chapter.

  2. (2)

    Records which should be retained include:

    1. (a)

      any written financial promotion used by a representative;2

    2. (b)

      any written material which is used in an organised marketing campaign (including, for example, written mailshots whether sent by e-mail, post, facsimile or other media).

  3. (3)

    see COB 3.14.5 G (6) for guidance on recording an electronic financial promotion containing market information which is updated continuously.

Form of records

COB 3.7.4R

A record in COB 3.7.1 R may be in any form, provided that it is readily accessible for inspection by the FSA.

COB 3.7.5G

A firm may arrange for records to be kept in such form as it chooses, such as hard copy, disk or tape. If the financial promotion is not in a written form, the record should represent the actual financial promotion as accurately as possible. A record would be "readily accessible" if it were available for inspection within 48 hours of the request being made. SYSC 3.2.20 R (2) (Records to be capable of reproduction on paper) does not apply to records of real time financial promotions.1