Part

Using the FSA Handbook: an Overview for small IFA firms

Chapter

Record Keeping

Printed on: 16/09/2024

Rulebook at: 30/08/2006

SIFA 13

Record Keeping

SIFA 13.1

General requirement

  • 01/12/2004

SIFA 13.1.1

handbook-guidance
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).
  • 09/09/2005

SIFA 13.1.2

handbook-guidance
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.
  • 09/09/2005

SIFA 13.1.3

handbook-guidance
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.
  • 09/09/2005

SIFA 13.1.4

handbook-guidance
You will find detailed record keeping requirements throughout the Handbook. Schedule 1 to each of the sourcebooks is an overall summary of these requirements. These are minimum requirements and you may decide to keep material for longer.
  • 09/09/2005

SIFA 13.1.5

handbook-guidance
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.
  • 09/09/2005

SIFA 13.1.6

handbook-guidance
You should remember that the Guide deals only with our record-keeping requirements. Other parties such as HM Revenue and Customs, auditors and PII insurers may have different requirements which you must also understand and comply with.
  • 09/09/2005