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COBS Sch 1 Record keeping requirements

COBS Sch 1.1G

1The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements.

COBS Sch 1.2G

It is not a complete statement of those requirements and should not be relied on as if it were.

COBS Sch 1.3G

Handbook reference

Subject of record

Contents of record

When record must be made

Retention period

COBS 2.3.17R (1)

Information disclosed to the client in accordance with COBS 2.3.1R (2)(b)2

2

The information disclosed2

2

When information is disclosed2

2

5 years from date information is given2

2

COBS 2.3.17R (2)

Each benefit given to another firm which does not have to be disclosed to the client in accordance with COBS 2.3.1R (2)(b)(ii)2

2

Each benefit given2

2

When benefit is given

5 years from date of benefit

COBS 3.8.2 R (1)

Standard form notice to clients and agreements under COBS 3

Each standard form notice and agreement

When standard form is first used

Relevant period from when the firm ceases to carry on business with clients under that standard form (see COBS 3.8.2 R (3))

COBS 3.8.2 R (2)

Client categorisation

Client categorisation and supporting information, evidence of dispatch to client of any notice (the notice itself where this differs from standard form) and a copy of any agreement entered into

From time of categorisation

Relevant period from when the firm ceases to carry on business with or for that client (see COBS 3.8.2 R (3))

COBS 4.11.1R (1)

Financial promotion

A financial promotion communicated or approved (subject to exemptions)

When communicated or approved

See COBS 4.11.1R (3)

COBS 4.11.1R (2)

Telemarketing scripts

Copy of any script used

Date script used

See COBS 4.11.1R (3)7

7COBS 4.11.1R (2A)

Non-mainstream pooled investments: certification of compliance

  • Certification by the person allocated the compliance oversight function or employees of the firm reporting to and supervised by that person confirming that the financial promotion is compliant with the restrictions in section 238 of the Act and COBS 4.12.3 R, as applicable.
  • Which exemption applies and the reason why that exemption applies. Where the exemption requires a certificate, investor statement, warning or indication, a copy of that certificate, investment statement, warning or indication.

  • Date of certification
  • Date the invitation or inducement 8is communicated or approved8

COBS 4.11.2 G

Compliance of financial promotions

Firms encouraged to consider recording why a financial promotion is considered compliant.

Date of assessment of compliance

4

4COBS 6.1A.27 R

Adviser charging and remuneration

(1) the firm's charging structure;

(2) the total adviser charge payable by each retail client; (3) if the total adviser charge paid by a retail client has varied materially from the charge indicated for that service in the firm's charging structure, the reasons for that difference.

(1) when the charging structure is first used; (2) from the date of disclosure; (3) from the date of disclosure;

See COBS 6.1A.27R (1) to (3)4

5COBS 6.1C.21 R

Consultancy charging and remuneration

(1) the firm's charging structure;

(2) the total consultancy charge payable by each employer.

(3) if the total consultancy charge for a particular service has varied materially from that indicated in the firm's charging structure, the reasons for that difference.

(1) when the charging structure is first used;

(2) from the date of disclosure;

See COBS 6.1C.21 R

COBS 6.3.11 R

Menu

Copy of each menu

From date on which it was updated or replaced

5 years

COBS 8.1.4 R

Client agreements

Documents setting out rights and obligations of the firm and the client

From date of agreement

From whichever is the longer of 5 years or the duration of the relationship with the client. Records relating to a pension transfer, pension conversion, 11 pension opt-out or FSAVC must be retained indefinitely

COBS 9.2.9 R

Recommendations on friendly society life policies.

Why the recommendation is considered suitable

Date of recommendation.

5 years.

COBS 9.5.1 G

Suitability

Client information for suitability report and suitability report

From date of suitability report

See COBS 9.5.2 R.

COBS 9.6.19 R

Basic advice

Decision to give basic advice, range used and basic advice summary prepared for retail client

Date on which basic advice given

5 years

COBS 9.6.20 R

Scope of basic advice (stakeholder products)

Scope of basic advice and its range (or ranges) of stakeholder products

Date on which the scope and range becomes relevant

5 years from the date replaced by more up-to-date record

COBS 10.7.1 G

Appropriateness

Client information obtained in making assessment of appropriateness and the appropriateness assessment

Date of assessment

5 years

COBS 11.3.2 R

Client orders

Orders executed for clients

See COBS 11.5

5 years

COBS 11.5.1 EU

Client orders and decisions to deal in portfolio management

Orders received from clients and decisions taken - details in COBS 11.5.1 EU

See COBS 11.5.1 EU

5 years

COBS 11.5.2 EU

Client orders

Execution of orders

See COBS 11.5.1 EU

5 years

COBS 11.5.3 EU

Client orders

Transmission details (see COBS 11.5.3 EU)

Date of transmission

5 years

COBS 11.6.19 R

Prior and periodic disclosure

Prior and periodic disclosure on use of dealing commission

From date of disclosure to customers

5 years

COBS 11.7.4 R

Personal account dealing

Notifications by outsourcing provider and authorisation or prohibition.

Date of notification or decision.

5 years

3COBS 11.8.5 R

Telephone conversations and electronic communications subject to the taping obligation (see COBS 11.8.5 R)

Telephone conversations and electronic communications recorded under COBS 11.8.5 R

When the conversation or electronic communication is made, sent or received

6 months

13

COBS 15.3.4 R

Cancellation: exercise of right

Exercise of the right to cancel or withdraw

Date of exercise

As specified in COBS 15.3.4 R(1), (2) and (3)

COBS 16.2.7 R

Confirmation to clients

Copy of a confirmation

From date of despatch to client

MiFID or equivalent third country business - 5 years Other business - 3 years

COBS 16.3.11 R

Periodic statements

A copy of a periodic statement sent to a client

From date of despatch to client

MiFID or equivalent third country business - 5 years Other business - 3 years

COBS 16.6.6 R

Life insurance contracts

Information to be provided during the terms of the contract

When information is given

5 years after information given

COBS 18.5.14 R

Residual CIS operators and small authorised UK AIFMs of an unauthorised AIF9

9

Periodic statement to be provided to participants

When provided

3 years

COBS 19.1.5 R

Execution only pension transfer or opt out

That no personal recommendation was given to the client

Date of transaction

5 years

COBS 19.2.3 R

Promotion of personal pension scheme

Why the promotion was justified

When promoted

5 years610

10COBS 20.2.34AR (1)(a)(i)

Support assets outside the with-profits fund

Precise terms and conditions on which support assets operate and are available including whether and when they are repayable

When a firm first has support assets outside the with-profits fund

Until the firm ceases to use support assets outside the with-profits fund

6COBS 20.2.36A R

strategic investments

A description of the strategic purpose for which a strategic investment has been purchased or retained

Before making a strategic investment or when reviewing whether to retain a strategic investment

Until the firm ceases to hold the strategic investment in question

COBS 20.3.1 R

PPFMs

Each version of the PPFM

Date on which the PPFM is relevant

5 years

12COBS 22.2.6 R

Retail distribution of mutual society shares

Information and evidence demonstrating compliance with the requirements of COBS 22.2

At or near the time of the sale to a retail client

5 years for MiFID or equivalent third country business and 3 years for other business

12COBS 22.3.5 R

Retail distribution of contingent convertible instruments and CoCo funds

Information and evidence demonstrating compliance with the restrictions in COBS 22.3

At or near the time of the sale or communication or approval of a promotion to a retail client

5 years for MiFID or equivalent third country business and 3 years for other business

COBS TP 1

Client categorisation transitional

Categorisation or re-categorisation under TP1

Date of categorisation/ re-categorisation

See COBS 3.8.2 R (2)

COBS TP 2

Investment research transitional

Election to comply with COBS 12.2 - COBS 12.3 sooner than 1 May 2008

Date of decision and date from which election is to be effective

5 years

COBS TP 2

Specialist regimes

Election to comply with COBS 18 sooner than 1 May 2008

Date of decision and date from which election is to be effective

5 years