Related provisions for MCOB 13.3.11

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DISP 1.1.11RRP
A firm to which the conditions in DISP 1.1.7 R no longer apply is subject to DISP 1.2 - DISP 1.7.
DISP 1.1.12RRP
The purpose of this chapter is to set out the rules relating to the internal handling of complaints by firms, including the procedures which a firm must put in place; the time limits within which a firm must deal with a complaint; the records of a complaint which a firm must make and retain; and the requirements on a firm to report information about complaints to the FSA. This is to ensure that complaints are handled fairly, effectively and promptly, and resolved at the earliest
MCOB 2.8.1GRP
MCOB 2.8 provides details of the standard expected of firms where there is an obligation in MCOB requiring firms to maintain adequate records to evidence compliance. An overall view of the record keeping requirements in MCOB is in MCOB Sch 1.
MCOB 2.8.2RRP
The records required in MCOB must be readily accessible for inspection by the FSA.
MCOB 2.8.3GRP
A record would be 'readily accessible' if it were available for inspection within two business days of the request being received.
MCOB 2.8.4GRP
(1) A firm may arrange for records to be kept in such form as it chooses, provided the record is readily accessible for inspection by the FSA.(2) Where a firm chooses to maintain records in electronic form, it should take reasonable steps to ensure that:(a) the electronic record accurately reflects the original information; and (b) the electronic record has not been subject to unauthorised or accidental alteration.
MCOB 2.8.5GRP
Each rule in MCOB that requires a record also sets out a period that the record must be kept for. While not a requirement of MCOB, firms may choose to keep records for longer periods, for example, where there is the possibility of customer complaint or legal action against the firm.
SYSC 2.2.1RRP
(1) A firm must make a record of the arrangements it has made to satisfy SYSC 2.1.1 R (apportionment) and SYSC 2.1.3 R (allocation) and take reasonable care to keep this up to date.(2) This record must be retained for six years from the date on which it was superseded by a more up-to-date record.
SYSC 2.2.2GRP
(1) A firm will be able to comply with SYSC 2.2.1 R by means of records which it keeps for its own purposes provided these records satisfy the requirements of SYSC 2.2.1 R and provided the firm takes reasonable care to keep them up to date. Appropriate records might, for this purpose, include organisational charts and diagrams, project management documents, job descriptions, committee constitutions and terms of reference provided they show a clear description of the firm's major functions.(2)
SYSC 3.2.7GRP
(1) Depending on the nature, scale and complexity of its business, it may be appropriate for a firm to have a separate compliance function. The organisation and responsibilities of a compliance function should be documented. A compliance function should be staffed by an appropriate number of competent staff who are sufficiently independent to perform their duties objectively. It should be adequately resourced and should have unrestricted access to the firm's relevant records as
SYSC 3.2.10GRP
(1) Depending on the nature, scale and complexity of its business, it may be appropriate for a firm to have a separate risk assessment function responsible for assessing the risks that the firm faces and advising the governing body and senior managers on them.(2) The organisation and responsibilities of a risk assessment function should be documented. The function should be adequately resourced and staffed by an appropriate number of competent staff who are sufficiently independent
SYSC 3.2.17GRP
A firm should plan its business appropriately so that it is able to identify, measure, manage and control risks of regulatory concern (see SYSC 3.2.11 G (2)). In some firms, depending on the nature, scale and complexity of their business, it may be appropriate to have business plans or strategy plans documented and updated on a regular basis to take account of changes in the business environment.
SYSC 3.2.20RRP
(1) A firm must take reasonable care to make and retain adequate records of matters and dealings (including accounting records) which are the subject of requirements and standards under the regulatory system.(2) Subject to (3) and to any other record-keeping rule in the Handbook, the records required by (1) or by such other rule must be capable of being reproduced in the English language on paper.(3) If a firm's records relate to business carried on from an establishment in a
SYSC 3.2.21GRP
A firm should have appropriate systems and controls in place to fulfil the firm's regulatory and statutory obligations with respect to adequacy, access, periods of retention and security of records. The general principle is that records should be retained for as long as is relevant for the purposes for which they are made.
SYSC 3.2.22GRP
Detailed record-keeping requirements for different types of firm are to be found elsewhere in the Handbook. Schedule 1 to the Handbook is a consolidated schedule of these requirements.
COLL 6.4.2GRP
The aim of this section is to protect consumers, by setting out the requirements for a register of unitholders for an AUT and for a plan register for an authorised fund, so a proper record of ownership of units is maintained, whether held directly or indirectly through a group plan.
COLL 6.4.3GRP
(1) This section deals with matters relating to the register of unitholders of units in an AUT including its establishment and contents. The manager or trustee may be responsible for the register. In any event, the person responsible for the register must be stated in the trust deed and this section details what his duties are. The provisions relating to documentsevidencingtitle to units, including the issue of bearer certificates are dependent on the provisions in the trust deed
COLL 6.4.4RRP
(1) Either the manager or the trustee (as nominated in the trust deed) must establish and maintain a register of unitholders as a document in accordance with this section.(2) The manager or trustee in accordance with their duties under (1) must exercise all due diligence and take all reasonable steps to ensure the information contained on the register is at all times complete and up to date.(3) The register must contain:(a) the name and address of each unitholder (for joint unitholders,
COLL 6.4.5RRP
(1) If no person is entered in the register as the unitholder of a unit, the manager must be treated as the unitholder of each such unit which is in issue (other than a unit which is represented by a bearer certificate).(2) Where units are transferred to the manager, they need not be cancelled and the manager need not be entered on the register as the new unitholder.
COLL 6.4.6RRP
(1) Every unitholder is entitled to transfer units held on the register by an instrument of transfer in any form that the person responsible for the register may approve, but that person is under no duty to accept a transfer unless:(a) it is permitted by the trust deed or prospectus; and(b) the transfer is excluded by Schedule 19 of the Finance Act 1999 from a charge to stamp duty reserve tax, or there has been paid to the trustee, for the account of the AUT, an amount agreed
COLL 6.4.7RRP
(1) Following the sale of units or as a result of COLL 6.4.6 R (Transfer of units by act of parties) a document recording title to those units may be issued in such a form as the trust deed permits.(2) The person responsible for the register must issue any document in (1) or provide relevant information in a timely manner where the procedures for redeeming units require the unitholder to surrender that document.(3) Bearer certificates may only be issued if they are permitted by
COLL 6.4.9RRP
(1) The ACD and any other directors of an ICVC or the person responsible for the register of an AUT may arrange for a plan register to be established and maintained.(2) Where payments are made out of scheme property to establish and maintain a plan register, plan investors must be treated as unitholders for the purposes of COLL 4.3 to COLL 4.5 and COLL 6.4.4 R (Register: general requirements and contents).
REC 2.5.1UKRP

Schedule to the Recognition Requirements Regulations, paragraph 3

(1)

The [UK RIE] must ensure that the systems and controls used in the performance of its [relevant functions] are adequate, and appropriate for the scale and nature of its business.

(2)

Sub-paragraph (1) applies in particular to systems and controls concerning -

(a)

the transmission of information;

(b)

the assessment and management of risks to the performance of the [UK RIE'srelevant functions];

(c)

the effecting and monitoring of transactions on the [UK RIE];

(d)

the operation of the arrangements mentioned in paragraph 4(2)(d); and

(e)

(where relevant) the safeguarding and administration of assets belonging to users of the [UK RIE's] facilities.1

REC 2.5.9GRP
In assessing a UK recognised body's systems and controls for the safeguarding and administration of assets belonging to users of its facilities, the FSA may have regard to the totality of the arrangements and processes by which the UK recognised body: (1) records the assets held and the identity of the owners of (and other persons with relevant rights over) those assets; (2) records any instructions given in relation to those assets;(3) records the carrying out of those instructions;(4)
REC 2.5.16GRP
The FSA may also have regard to the arrangements made:(1) for enforcing rules or other provisions applicable to staff and other persons involved in regulatory decisions; and(2) to keep records of disclosures of conflicts of interest and the steps taken to handle them.
REC 2.5.18GRP
Information technology is likely to be a major component of the systems and controls used by any UK recognised body. In assessing the adequacy of the information technology used by a UK recognised body to perform or support its relevant functions, the FSA may have regard to:(1) the organisation, management and resources of the information technology department within the UK recognised body;(2) the arrangements for controlling and documenting the design, development, implementation
REC 2.5.19GRP
The FSA may also have regard to the arrangements for maintaining, recording and enforcing technical and operational standards and specifications for information technology systems, including:(1) the procedures for the evaluation and selection of information technology systems;(2) the arrangements for testing information technology systems before live operations;(3) the procedures for problem management and system change;(4) the arrangements to monitor and report system performance,
REC 2.5.20GRP
The FSA may have regard to the arrangements made to keep clear and complete audit trails of all uses of information technology systems and to reconcile (where appropriate) the audit trails with equivalent information held by system users and other interested parties.
SUP 12.9.1RRP
A firm must make the following records on each of its appointed representatives:(1) the appointed representative's name;(2) a copy of the original contract with the appointed representative and any subsequent amendments to it (including details of any restrictions placed on the activities which the appointed representative may carry on);1(3) the date and reason for terminating or amending its contract with the appointed representative, whenever such termination or amendment gives
SUP 12.9.2RRP
A firm must retain these records for at least three years from the date of termination or the amendment of the contract with the appointed representative.
SUP 12.9.3GRP
The firm should also satisfy itself that:(1) the appointed representative is making and retaining records in accordance with the relevant record keeping rules in the Handbook, if these records are not maintained by the firm;(2) the appointed representative (other than an introducer appointed representative) is making and retaining records sufficient to disclose with reasonable accuracy the financial position of the business it carries on in its capacity as the firm's appointed
SUP 12.9.4GRP
Firms are reminded that they should make and retain records in relation to any person who falls within the scope of the rules in TC or who performs a controlled function under an arrangement entered into by a firm or by an appointed representative. See SUP 10 and TC for the applicable record keeping rules.
MCOB 5.4.19RRP
A firm must make an adequate record of each illustration that it issues to a customer in accordance with MCOB 5.5.1 R where the customer applies for that particular regulated mortgage contract.
MCOB 5.4.20RRP
The record required by MCOB 5.4.19 R must be retained for a year from the date of the application made by the customer.
MCOB 5.4.21GRP
MCOB 5.4.19 R does not require a firm to keep records of illustrations that are issued to a customer where the customer does not apply to enter into that particular regulated mortgage contract.
MCOB 5.4.22GRP
The record maintained in accordance with MCOB 5.4.19 R should contain or refer to matters such as:(1) the date on which the illustration was provided to the customer;(2) the date of the application made by the customer; and(3) details of the medium through which the illustration was provided.
MCOB 5.5.15RRP
In meeting a request under MCOB 5.5.1 R (2)(c), the firm must not delay the provision of the illustration by requesting information other than:(1) the information necessary to personalise the illustration in accordance with MCOB 5.6.6 R, if the firm does not already know it;(2) where the firm acts in accordance with MCOB 5.5.11 R(2), such information as is necessary to ascertain whether or not the contract will be a regulated mortgage contract;(3) where the regulated mortgage
MCOB 5.5.16RRP
Where MCOB 5.5.15 R(4) applies:(1) a firm must ask the customer relevant questions about his credit history or obtain information on his credit record from a credit reference agency;(2) a credit reference agency must not be used unless:(a) it would be quicker than asking the customer the relevant questions about his credit history; or(b) the customer is not able to provide sufficient information on his credit history.
MCOB 5.5.17GRP
A firm may use information that it already holds on the customer for the purpose of producing the illustration (for example, if it already holds the customer's credit record), providing the use of this information does not delay the customer receiving the illustration and the customer's consent is obtained where appropriate.
SUP 13.11.1RRP
(1) A UK firm which is exercising an EEA right must make and retain a record of:(a) the services or activities it carries on from a branch in, or provides cross-border into, another EEA State under that EEA right; and(b) the requisite details or relevant details relating to those services or activities (if applicable).(2) The record in (1) must be kept for three years from the earlier of the date on which:(a) it was superseded by a more up-to-date record; or(b) the UK firm ceased
SUP 13.11.2GRP
The record in SUP 13.11.1 R need not relate to the level of business carried on. A UK firm may comply with SUP 13.11.1 R by, for example, keeping copies of all notices of intention and notices of changes of requisite details or relevant details.
MCOB 13.3.9RRP
(1) A firm must make and retain an adequate record of its dealings with a customer whose account is in arrears or who has a mortgage shortfall debt, which will enable the firm to show its compliance with MCOB 13.4 (Arrears: provision of information to the customer), MCOB 13.5 (Dealing with a customer in arrears or with a mortgage shortfall debt) and MCOB 13.6 (Repossessions).(2) A firm must retain the record required by (1) for a yearfrom the date on which the relevant payment
MCOB 13.3.10GRP
The record referred to in MCOB 13.3.9 R should contain, or provide reference to, matters such as:(1) the date of first communication with the customer after the account was identified as being in arrears;(2) in relation to correspondence issued to a customer in arrears, the name and contact number of the employee dealing with that correspondence, where known;(3) the basis for issuing tailored information in accordance with MCOB 13.7.1 R;(4) information relating to any new payment
COLL 8.5.2RRP
(1) The authorised fund manager must manage the scheme in accordance with:(a) the instrument constituting the scheme;(b) the rules in this sourcebook;(c) the most recently published prospectus; and(d) for an ICVC, the OEIC Regulations.(2) The authorised fund manager must carry out such functions as are necessary to ensure compliance with the rules in this sourcebook that impose obligations on the authorised fund manager or ICVC, as appropriate.(3) The authorised fund manager must:(a)
COLL 8.5.4RRP
(1) The depositary is responsible for the safekeeping of all the scheme property.(2) The depositary must:(a) take all steps to ensure that transactions properly entered into for the account of the scheme are completed;(b) take all steps to ensure that instructions properly given by the authorised fund manager in respect of the exercise of rights related to scheme property are carried out;(c) ensure that any scheme property in registered form is as soon as reasonably practicable
COLL 8.5.10RRP
(1) The authorised fund manager must:(a) ensure that at each valuation point there are at least as many units in issue of any class as there are units registered to unitholders of that class; and(b) not do, or omit anything that would, or might confer on itself a benefit or advantage at the expense of a unitholder or potential unitholder.(2) For the purposes of (1) the authorised fund manager may take into account sales and redemptions after the valuation point, provided it has
APER 4.1.4ERP
Behaviour of the type referred to in APER 4.1.3 E includes, but is not limited to, deliberately:(1) falsifying documents;(2) misleading a client about the risks of an investment;(3) misleading a client about the charges or surrender penalties of investment products;(4) misleading a client about the likely performance of investment products by providing inappropriate projections of future investment returns;(5) misleading a client by informing him that products require only a single
APER 4.1.8ERP
Deliberately preparing inaccurate or inappropriate records or returns in connection with a controlled function, falls within APER 4.1.2 E.
APER 4.1.9ERP
Behaviour of the type referred to in APER 4.1.8 E includes, but is not limited to, deliberately:(1) preparing performance reports for transmission to customers which are inaccurate or inappropriate (for example, by relying on past performance without appropriate warnings);(2) preparing inaccurate training records or inaccurate details of qualifications, past employment record or experience;(3) preparing inaccurate trading confirmations, contract notes or other records of transactions
REC 2.9.1UKRP

Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(e)

Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that-

satisfactory arrangements are made for recording transactions effected on the [UK RIE], and transactions (whether or not effected on the [UK RIE ]) which are cleared or to be cleared by means of itsfacilities;1

REC 2.9.3GRP
In determining whether a UK recognised body has satisfactory arrangements for recording the transactions effected on, or cleared or to be cleared by means of, its facilities, the FSA may have regard to:(1) whether the UK recognised body has arrangements for creating, maintaining and safeguarding an audit trail of transactions for at least three years (five years in respect of transactions carried out by members who are not incorporated in the United Kingdom if the UK recognised