COBS 4.11 Record keeping: financial promotion

A firm must make an adequate record of any financial promotion it communicates or approves, other than a financial promotion made in the course of a personal visit, telephone conversation or other interactive dialogue.

For a telemarketing campaign, a firm must make an adequate record of copies of any scripts used.

A firm must retain the record in relation to a financial promotion relating to:

1. (a)

   a pension transfer, pension opt-out or FSAVC, indefinitely;

2. (b)

   a life policy, occupational pension scheme1, SSAS, personal pension scheme or stakeholder pension scheme, for six years;

3. (c)

   MiFID or equivalent third country business, for five years; and

4. (d)

   any other case, for three years.

This rule does not apply in relation to a communication that is made by a firm in relation to its MiFID or equivalent third country business:

1. (a)

   to the extent that the communication is a third party prospectus;2

2. (b)

   if it is image advertising;2

3. (c)

   if it is a non-retail communication.2

This rule does not apply in relation to a communication2 made by a firm other than2 in relation to MiFID or equivalent third country business:

1. (a)

   to the extent that it is an excluded communication;

2. (b)

   to the extent that it is a prospectus advertisement to which PR 3.3 applies;

3. (c)

   if it is image advertising;

4. (d)

   if it is a non-retail communication;2

5. (e)

   to the extent that it relates to a deposit;2

6. (f)

   to the extent that it relates to a pure protection contract that is a long-term care insurance contract2.