Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

COBS 16A.2 General client reporting and record keeping requirements

COBS 16A.2.1R
  1. (1)

    A firm must provide a client with adequate reports on the service provided in a durable medium.

  2. (2)

    The reports must include:

    1. (a)

      periodic communications to the client, taking into account the type and the complexity of the financial instruments or insurance-based investment products1 involved and the nature of the service provided to the client; and

    2. (b)

      where applicable, the costs associated with the transactions and services undertaken on behalf of the client.

[Note: article 25(6) of MIFID, article 30(5) of the IDD1]

COBS 16A.2.2G

A firm should refer to SYSC 3.2 (for insurers and managing agents) and1 SYSC 9 (for other firms)1 for the requirements that apply in relation to the retention of records.