COBS Sch 1 Record keeping requirements
1The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements. |
Handbook reference |
Subject of record |
Contents of record |
When record must be made |
Retention period |
Information disclosed to the client in accordance with COBS 2.3.1R (2)(b)2 2 |
The information disclosed2 2 |
When information is disclosed2 2 |
5 years from date information is given2 2 |
|
Each benefit given to another firm which does not have to be disclosed to the client in accordance with COBS 2.3.1R (2)(b)(ii)2 2 |
Each benefit given2 2 |
When benefit is given |
5 years from date of benefit |
|
Each standard form notice and agreement |
When standard form is first used |
Relevant period from when the firm ceases to carry on business with clients under that standard form (see COBS 3.8.2 R (3)) |
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Client categorisation |
Client categorisation and supporting information, evidence of dispatch to client of any notice (the notice itself where this differs from standard form) and a copy of any agreement entered into |
From time of categorisation |
Relevant period from when the firm ceases to carry on business with or for that client (see COBS 3.8.2 R (3)) |
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A financial promotion communicated or approved (subject to exemptions) |
When communicated or approved |
See COBS 4.11.1R (3) |
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Telemarketing scripts |
Copy of any script used |
Date script used |
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Non-mainstream pooled investments: certification of compliance |
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Compliance of financial promotions |
Firms encouraged to consider recording why a financial promotion is considered compliant. |
Date of assessment of compliance |
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Adviser charging and remuneration |
(1) the firm's charging structure; (2) the total adviser charge payable by each retail client; (3) if the total adviser charge paid by a retail client has varied materially from the charge indicated for that service in the firm's charging structure, the reasons for that difference. |
(1) when the charging structure is first used; (2) from the date of disclosure; (3) from the date of disclosure; |
See COBS 6.1A.27R (1) to (3)4 |
|
Consultancy charging and remuneration |
(1) the firm's charging structure; (2) the total consultancy charge payable by each employer. (3) if the total consultancy charge for a particular service has varied materially from that indicated in the firm's charging structure, the reasons for that difference. |
(1) when the charging structure is first used; (2) from the date of disclosure; |
See COBS 6.1C.21 R |
|
Copy of each menu |
From date on which it was updated or replaced |
5 years |
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Documents setting out rights and obligations of the firm and the client |
From date of agreement |
From whichever is the longer of 5 years or the duration of the relationship with the client . Records relating to a pension transfer, pension conversion, 11 pension opt-out or FSAVC must be retained indefinitely |
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Recommendations on friendly society life policies. |
Why the recommendation is considered suitable |
Date of recommendation. |
5 years. |
|
Suitability |
Client information for suitability report and suitability report |
From date of suitability report |
See COBS 9.5.2 R. |
|
Decision to give basic advice, range used and basic advice summary prepared for retail client |
Date on which basic advice given |
5 years |
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Scope of basic advice and its range (or ranges) of stakeholder products |
5 years from the date replaced by more up-to-date record |
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Appropriateness |
Client information obtained in making assessment of appropriateness and the appropriateness assessment |
Date of assessment |
5 years |
|
Client orders |
Orders executed for clients |
See COBS 11.5 |
5 years |
|
Client orders and decisions to deal in portfolio management |
Orders received from clients and decisions taken - details in COBS 11.5.1 EU |
See COBS 11.5.1 EU |
5 years |
|
Client orders |
Execution of orders |
See COBS 11.5.1 EU |
5 years |
|
Client orders |
Transmission details (see COBS 11.5.3 EU) |
Date of transmission |
5 years |
|
Prior and periodic disclosure |
Prior and periodic disclosure on use of dealing commission |
From date of disclosure to customers |
5 years |
|
Personal account dealing |
Notifications by outsourcing provider and authorisation or prohibition. |
Date of notification or decision. |
5 years |
|
Telephone conversations and electronic communications subject to the taping obligation (see COBS 11.8.5 R) |
Telephone conversations and electronic communications recorded under COBS 11.8.5 R |
When the conversation or electronic communication is made, sent or received |
6 months |
|
Basis of substantiation of research recommendation |
Date of recommendation |
5 years |
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Cancellation: exercise of right |
Exercise of the right to cancel or withdraw |
Date of exercise |
As specified in COBS 15.3.4 R(1), (2) and (3) |
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Confirmation to clients |
Copy of a confirmation |
From date of despatch to client |
MiFID or equivalent third country business - 5 years Other business - 3 years |
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A copy of a periodic statement sent to a client |
From date of despatch to client |
MiFID or equivalent third country business - 5 years Other business - 3 years |
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Life insurance contracts |
Information to be provided during the terms of the contract |
When information is given |
5 years after information given |
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Residual CIS operators and small authorised UK AIFMs of an unauthorised AIF9 9 |
Periodic statement to be provided to participants |
When provided |
3 years |
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Execution only pension transfer or opt out |
That no personal recommendation was given to the client |
Date of transaction |
5 years |
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Promotion of personal pension scheme |
Why the promotion was justified |
When promoted |
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Support assets outside the with-profits fund |
Precise terms and conditions on which support assets operate and are available including whether and when they are repayable |
When a firm first has support assets outside the with-profits fund |
Until the firm ceases to use support assets outside the with-profits fund |
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A description of the strategic purpose for which a strategic investment has been purchased or retained |
Before making a strategic investment or when reviewing whether to retain a strategic investment |
Until the firm ceases to hold the strategic investment in question |
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Each version of the PPFM |
Date on which the PPFM is relevant |
5 years |
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Retail distribution of mutual society shares |
Information and evidence demonstrating compliance with the requirements of COBS 22.2 |
At or near the time of the sale to a retail client |
5 years for MiFID or equivalent third country business and 3 years for other business |
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Retail distribution of contingent convertible instruments and CoCo funds |
Information and evidence demonstrating compliance with the restrictions in COBS 22.3 |
At or near the time of the sale or communication or approval of a promotion to a retail client |
5 years for MiFID or equivalent third country business and 3 years for other business |
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Client categorisation transitional |
Categorisation or re-categorisation under TP1 |
Date of categorisation/ re-categorisation |
See COBS 3.8.2 R (2) |
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Investment research transitional |
Election to comply with COBS 12.2 - COBS 12.3 sooner than 1 May 2008 |
Date of decision and date from which election is to be effective |
5 years |
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Specialist regimes |
Election to comply with COBS 18 sooner than 1 May 2008 |
Date of decision and date from which election is to be effective |
5 years |