Content Options

View Options

Status: You are viewing the version of the handbook as on 2018-12-10.

SYSC Sch 1 Record keeping requirements

SYSC Sch 1.1G

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

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

SYSC Sch 1.2G

Handbook reference

Subject of record

Contents of record

When record must be made

Retention period

SYSC 2.2.1 R

Arrangements made to satisfy SYSC 2.1.1 R(apportionment) and SYSC 2.1.3 R(allocation)

Those arrangements

On making the arrangements and when they are updated

611 years from the date on which the record is superseded by a more up-to-date record

11

11

SYSC 3.2.20 R

Matters and dealings (including accounting records) which are the subject of requirements and standards under the regulatory system

Adequate

Adequate time

Adequate

11

11
11 11

11

11 11 11 11

11

11

2SYSC 9.1.1R

Business and internal organisation

Details of the firm's orderly records of services and transactions undertaken

Within a reasonable time

Adequate

8SYSC 9.1.1AR

Business and internal organisation

Details of the firm's orderly records of services and transactions undertaken

Within a reasonable time

Adequate

SYSC 9.1.2AR, SYSC 3.3.6R

Suitability or appropriateness in relation to an insurance-based investment product

(1) In relation to suitability:

(a) why the recommendation is considered suitable; and

(1) From the date of:

(a) recommendation; and

5 years

(b) client information for suitability report and suitability report.

(b) thesuitability report.

(2) In relation to appropriateness, client information obtained in making assessment of appropriateness and the appropriateness assessment.

(2) Date of assessment.

1SYSC 10.1.6 R

Conflict of interest

Kinds of service or activity carried out by or on behalf of the firm in which a conflict of interest entailing a material risk of damage to the interests of one or more clients has arisen or, in the case of an ongoing service or activity, may arise.

Not specified

5 years

9SYSC 10A.1.6R

Telephone conversations and electronic communications in relation to stipulated activities in financial instruments (see SYSC 10A.1.1R)

Those activities in financial instruments

At the time of the conversation or communication

Five years from the date of the conversation or communication unless the FCA requests a period of seven years

1SYSC 14.1.53 R

Prudential risk management and systems and controls

Accounting and other records that are sufficient to enable the firm to demonstrate to thePRA: (1) that the firm is financially sound and has appropriate systems and controls; (2) the firm's financial position and exposure to risk (to a reasonable degree of accuracy); (3) the firm's compliance with the rules in GENPRU, INSPRU and SYSC.

Not specified

3 years, or longer as appropriate

6SYSC 22.9.1R

Employment history of employees

As specified in the rule in column 1

Not specified

As specified in SYSC 22.9.2G7

11SYSC 25.8.1G

Past versions of a firm’s management responsibilities maps

Past versions of a firm’s management responsibilities maps

SYSC 25.8.1G does not itself impose requirements but says that past versions of a firm’s management responsibilities maps are an important part of its records

SYSC 25.8.1G does not itself impose requirements but says that past versions of a firm’s management responsibilities maps are an important part of its records

11SYSC 25.8.3R

Past versions of a firm’s management responsibilities maps

Past versions of a firm’s management responsibilities maps

None specified

10 years from the date superseded, or 6 years for large non-directive insurers

11SYSC 25.9.5R

Steps taken to comply with SYSC 25.9.4R (Information to be made available to new manager)

Adequate

Adequate time

None specified

10SYSC 28.4.1R

Arrangements made to demonstrate compliance with knowledge, ability and good repute requirements in relation to the carrying out of insurance distribution activities.

As required to demonstrate compliance.

As required to demonstrate compliance.

As required to demonstrate compliance.

10SYSC 28.4.2R

Matters dealing with knowledge and competence and completed continued professional training and development in relation to the carrying out of insurance distribution activities.

The firm must record the professional training or development completed by each relevant employee in each 12 month period.

As required to demonstrate compliance.

As required to demonstrate compliance but at least 3 years after the relevant employee stops carrying on the activity.