COBS 9A.4 Record keeping and retention periods for suitability records

Record keeping: MiFID business and insurance-based investment products

COBS 9A.4.1G

A firm to which SYSC 9 applies is required to keep orderly records of its1 business and internal organisation (see SYSC 9 (2General rules on record-keeping1))2. The records may be expected to reflect the different effect of the requirements in this chapter depending on whether the client is a retail client or a professional client; for example, in respect of information about the client which the firm must obtain and whether the firm is required to provide a suitability report.

COBS 9A.4.2G

A firm should refer to SYSC 3.2 and SYSC 3.3 (for insurers and managing agents) and2 SYSC 9 (for other firms)2 for its obligations in relation to record keeping.

[Note: article 16(7) of MiFID]

Retention of records: insurance-based investment products

COBS 9A.4.3EU

219(1) Without prejudice to the application of Regulation (EU) 2016/679 of the European Parliament and of the Council, insurance intermediaries and insurance undertakings shall maintain records of the assessment of suitability or appropriateness undertaken in accordance with Article 30(1) and (2) of Directive (EU) 2016/97. The records shall include the information obtained from the customer and any documents agreed with the customer, including documents that set out the rights of the parties and the other terms on which the insurance intermediary or insurance undertaking will provide services to the customer. Such records shall be retained for at least the duration of the relationship between the insurance intermediary or insurance undertaking and the customer.

[Note: article 19(1) of the IDD Regulation]

Record-keeping obligations for the assessment of suitability: insurance-based investment products

COBS 9A.4.4EU

219(2) In the case of an assessment of suitability undertaken in accordance with Article 30(1) of Directive (EU) 2016/97, the record shall further include the following:

  1. (a) the result of the suitability assessment;

  2. (b) the recommendation made to the customer and the statement provided in accordance with Article 14(1) of this Regulation;

  3. (c) any changes made by the insurance intermediary or insurance undertaking with regard to the suitability assessment, in particular any change to the customer's risk tolerance;

  4. (d) any changes to the underlying investment assets.

[Note: article 19(2) of the IDD Regulation]