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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.

You are viewing the version of the document as on 2016-10-03.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

COBS 9.5 Record keeping and retention periods for suitability records

COBS 9.5.1GRP

A3 firm to which SYSC 9 applies 3is required to keep orderly records of its business and internal organisation (see SYSC 9, General rules on record-keeping). Other firms are 3 required to take reasonable care to establish and maintain such systems and controls as are appropriate to their 3business (see SYSC 3, Systems and controls). The records may be expected to reflect the different effect of the rules in this chapter depending on whether the client is a retail client or a professional client: for example, in respect of the information about the client which the firm must obtain and whether the firm is required to provide a suitability report.

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COBS 9.5.2RRP

A1 firm must retain its records relating to suitability for a minimum of the following periods:

  1. (1)

    if relating to a pension transfer, pension conversion, 4 pension opt-out or FSAVC, indefinitely;

  2. (2)

    if relating to a life policy,2 personal pension scheme 2or stakeholder pension scheme, five years;

  3. (3)

    if relating to MiFID or equivalent third country business, five years; and

  4. (4)

    in any other case, three years.

COBS 9.5.3RRP

A firm need not retain its records relating to suitability if:

  1. (1)

    the client does not proceed with the recommendation; and

  2. (2)

    they do not relate to MiFID or equivalent third country business.