COBS Sch 1 Record keeping requirements
1The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements. |
- (1)
A MiFID investment firm, third country investment firm or MiFID optional exemption firm should refer to the requirements on record keeping in the MiFID Org Regulation and SYSC 9. In particular, Annex I to the MiFID Org Regulation contains a minimum list of records to be kept by those firms to which it applies.18
[Note: article 72 of the MiFID Org Regulation]
- (2)
An insurance distributor should refer to the requirements on record keeping in the IDD Regulation and in SYSC 3 (for insurers and managing agents) or SYSC 9 (for other firms).18
[Note: article 19 of the IDD Regulation]18
Handbook reference |
Subject of record |
Contents of record |
When record must be made |
Retention period |
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 |
|
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 |
|
Trial periods of research received in accordance with COBS 2.3A.19R (5)(f)16. |
Dates of any trial periods, and sufficient records to demonstrate compliance with the conditions in COBS 2.3A.19R(5)(f)(i) to (iii)16. |
When the trial period is received |
||
Evidence that any fees, commissions and non-monetary benefits paid or received are designed to enhance the quality of the relevant service to the client |
(1) List of all fees, commissions and non-monetary benefits received; and (2) record of how any fees, commissions or non-monetary benefits enhance the quality of the services provided and the steps taken in order not to impair compliance with the duty to act honestly, fairly and professionally in the best interests of the client |
When the relevant fee, commission or non-monetary benefit is paid or received |
Not specified |
|
Audit trail in relation to the operation of any research payment accounts |
(1) Payments made to research providers; and (2) how the amounts paid were determined |
When a payment for research is made |
Not specified |
|
Summary details in relation to the operation of a research payment account |
A summary of: (1) the providers paid from the account; (2) the total amount paid over a defined period; (3) the benefits and services received; and (4) how the total amount spent compares to the budget |
From when the research payment account is established |
Not specified |
|
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)) |
||
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)) |
|
A financial promotion communicated or approved (subject to exemptions) |
When communicated or approved |
See COBS 4.11.1R (3) |
||
Telemarketing scripts |
Copy of any script used |
Date script used |
||
Non-mainstream pooled investments: certification of compliance |
|
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Compliance of financial promotions |
Firms encouraged to consider recording why a financial promotion is considered compliant. |
Date of assessment of compliance |
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Trial periods of research received in accordance with COBS 6.1A.5AR(2)(e)(vi) |
Dates of any trial periods, and sufficient records to demonstrate compliance with the conditions in COBS 6.1A.5AR(2)(e)(vi)(A) to (C) |
When the trial period is received |
||
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 |
|
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 |
|
Client agreements (non-MiFID provisions)14 |
Documents setting out rights and obligations of the firm and the client |
From date of agreement |
At least14 the duration of the relationship with the client unless the record relates14 to a pension transfer, pension conversion, 11 pension opt-out or FSAVC in which case it14 must be retained indefinitely |
|
14COBS 8A.1.9R |
Client agreements (MiFID provisions) |
Documents setting out rights and obligations of the firm and the client |
From date of agreement |
At least the duration of the relationship with the client |
Recommendations on friendly society life policies. |
Why the recommendation is considered suitable |
Date of recommendation. |
5 years. |
|
Suitability (non-MiFID provisions)14 |
Client information for suitability report14 |
From date of suitability report |
See COBS 9.5.2 R. |
|
Decision to give basic advice, range used and basic advice summary prepared for retail client |
Date on which basic advice given |
5 years |
||
Scope of basic advice and its range (or ranges) of stakeholder products |
5 years from the date replaced by more up-to-date record |
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Suitability (MiFID provisions) |
Client information for suitability report |
From date of suitability report |
At least 5 years |
|
18COBS 9A.4.3EU |
Suitability (insurance-based investment products) |
Client information for suitability report - details in COBS 9A.4.3EU and COBS 9A.4.4EU |
From date of suitability report |
For whichever is the longer of 5 years or the duration of the relationship with the client |
Appropriateness (non-MiFID provisions)14 |
Client information obtained in making assessment of appropriateness and the appropriateness assessment |
Date of assessment |
At least14 5 years |
|
Appropriateness (MiFID provisions) |
Records of appropriateness assessments including the results of such assessments and any warnings given to clients |
Date of assessment |
At least 5 years |
|
Appropriateness (insurance-based investment products) |
Records of appropriateness assessments including the results of such assessments and any warnings given to clients - details in COBS 10A.7.2A |
Date of assessment |
For whichever is the longer of 5 years or the duration of the relationship with the client |
|
Client orders |
Initial orders from clients and decisions to deal |
Immediately |
At least 5 years |
|
Client orders |
Transactions and order processing |
Immediately |
At least 5 years |
|
Personal account dealing |
Notifications by outsourcing provider and authorisation or prohibition. |
Date of notification or decision. |
5 years |
|
Personal account dealing (MiFID provisions) |
A record of any personal transaction notified or identified, including any authorisation or prohibition |
Date of notification, identification or decision |
At least 5 years |
|
The firm’s assessment under COBS 11A.1.4BR(3)(a) |
1) The firm’s process for conducting the assessment and reaching the opinion under COBS 11A.1.4BR (3)(a); (2) the firm’s staff that were involved in reaching that opinion; and (3) an explanation of the firm’s consideration of the number and expertise of the unconnected analysts included in the range. |
Once the firm has formed its opinion under COBS 11A.1.4BR (3)(a) |
5 years |
|
Restrictions on unconnected analysts |
Any restrictions that would be imposed on each unconnected analyst that accepts the opportunity under COBS 11A.1.4BR(2) |
When the opportunity is communicated to the range of unconnected analysts |
5 years |
|
Information given by the issuer team during the relevant period under COBS 11A.1.4BR(2)(b)(iv) |
(1) The information on the issuer or the relevant securities that is given by the issuer team to the firm’s analysts during the relevant period under COBS 11A.1.4BR(2)(b)(iv); and (2) the information on the issuer or the relevant securities that is given by the issuer team to each of the range of unconnected analysts during the same period. |
At the end of the relevant period under COBS 11A.1.4BR(2)(b)(iv) |
5 years |
|
3 | ||||
14COBS 11A.1.9EU |
Underwriting and placing |
Content and timing of instructions received from clients and allocation decisions |
Date of receipt of instructions or of allocation decision |
5 years |
13 | ||||
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) |
|
Copy of a confirmation |
From date of despatch to client |
At least 3 years14 |
||
Periodic statements (non-MiFID provisions)14 |
A copy of a periodic statement sent to a client |
From date of despatch to client |
At least 3 years14 |
|
Confirmation to clients (MiFID provisions) |
A copy of a confirmation |
From date of despatch to client |
At least 5 years |
|
Periodic statements (MiFID provisions) |
A copy of a periodic statement sent to a client |
From date of despatch to client |
At least 5 years |
|
Periodic statements (insurance-based investment products) |
A copy of a periodic statement sent to a client |
From date of despatch to client |
At least 5 years |
|
Life insurance contracts |
Information to be provided during the terms of the contract |
When information is given |
5 years after information given |
|
Residual CIS operators and small authorised UK AIFMs of an unauthorised AIF9 9 |
Periodic statement to be provided to participants |
When provided |
3 years |
|
Client orders and decisions to deal in portfolio management |
Orders received from clients and decisions taken - details in COBS 18 Annex 2 2.1R(2) |
Immediately |
5 years |
|
Client orders |
Execution of orders |
Immediately after executing a client order, or, in the case of firms that transmit orders to another person for execution, immediately after receiving confirmation that an order has been executed |
5 years |
|
Client orders |
Transmission details (see COBS 18 Annex 2 3.2R) |
Immediately on transmitting an order to another person for execution |
5 years |
|
Execution only pension transfer or opt out |
That no personal recommendation was given to the client |
Date of transaction |
Indefinitely17 |
|
Promotion of personal pension scheme |
Why the promotion was justified |
When promoted |
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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 |
|
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 |
||
Each version of the PPFM |
Date on which the PPFM is relevant |
5 years |
||
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 |
|
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 |
|
Client categorisation transitional |
Categorisation or re-categorisation under TP1 |
Date of categorisation/ re-categorisation |
See COBS 3.8.2 R (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 |
|
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 |