SIFA 13.1 General requirement

A firm must take reasonable care to make and keep adequate records of matters and dealings (including accounting records), which are the subject of requirements and standards under the regulatory system. The records should be capable of being reproduced promptly on paper in English. (SYSC 3.2.20 R).

A firm should have appropriate systems and controls to fulfil its regulatory and statutory obligations on the adequacy, access to, periods of retention and security of records. The general principle is that records should be kept for as long as is relevant for the purposes for which they are made. You can store records on computer disc, so long as they can be reproduced on paper.

When you report data and submit forms to the FSA electronically you should save a version of what you have submitted for your own records. Firms should not rely on Firms Online for record-keeping purposes. The FSA is not your record keeper and record-keeping remains your responsibility.

A firm's files are its first line of defence if it receives a complaint. An adviser should maintain their files to a standard that allows another similarly qualified adviser to read and understand the advice given quickly and easily.