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Unit Standard No.12164Page 125

THE REQUIREMENTS REGARDING RECORD KEEPING

In terms of the General Code of Conduct an FSP will have to maintain records for at least five years regarding:

Premature cancellations of transactions or financial products by clients of the FSP.

Complaints received

Continued compliance with requirements referred to in section 8 (which are licencing requirements)

Instances of non-compliance with the Act and reasons for such non-compliance

The continued compliance by representatives with the requirement of the authorisation of the representative to act on behalf of the FSP and ensuring ongoing compliance.

The legislation says the following regarding RECORD KEEPING:

(a)A provider must have appropriate procedures and systems in place to-

(i) record, subject to section 14(2), all written communications relating to a financial service rendered to a client, including verbal instructions by the client which the provider must reduce to writing;

(ii) store and retrieve transaction documentation and all other documentation relating to the client; and

(iii) keep the client records and documentation safe from destruction

(b) All such records must be kept for a period of five years after termination, to the knowledge of the provider, of the product concerned or, in any other case, after the rendering of the financial service concerned

(c) Providers are not required to keep the records themselves but must ensure that they are available for inspection within seven days of the registrar’s request.  

(d) Records may be kept in an appropriate electronic or recorded format, which are accessible and readily reducible to written or printed

form.

INSMAT final materials31/10/03

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