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Status: You are viewing the version of the handbook as on 2009-03-31.

COBS 10.7 Record keeping and retention periods for appropriateness records

COBS 10.7.1GRP

For its MiFID business, a firm is required to keep orderly records of its business and internal organisation (see SYSC 9, General rules on record-keeping). For other business, a firm is required to take reasonable care to establish and maintain such systems and controls as are appropriate to its business (see SYSC 3, Systems and controls). The records may be expected to include the client information a firm obtains to assess appropriateness and should be adequate to indicate what the assessment was.

COBS 10.7.2RRP

The firm must retain its records relating to appropriateness for a minimum of five years.