Related provisions for CASS 8.3.2H

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A firm that has mandates must establish and maintain adequate records and internal controls in respect of its use of the mandates.
The records and internal controls required by CASS 8.3.1 R must include:(1) an up-to-date list of each mandate that the firm has obtained, including a record of any conditions placed by the client or the firm's management on the use of the mandate and, where a mandate was received in non-written form in the course of, or in connection with, its designated investment business, the details required under CASS 8.3.2C R1;(2) a record of each transaction entered into under each mandate
(1) 1A firm's up-to-date list of mandates under CASS 8.3.2 R (1) must be maintained in a medium that allows the storage of information in a way accessible for future reference by the FCA or by an auditor preparing a report under SUP 3.10.4 R.(2) It must be possible for any corrections or other amendments, and the contents of the list prior to such corrections and amendments, to be easily ascertained.
1An entry in a firm's list of mandates underCASS 8.3.2 R (1) that relates to a mandate that was received in non-written form (eg in a telephone call) in the course of, or in connection with, its designated investment business must, as well as the information referred to at CASS 8.3.2 R (1), include the following details:(1) the nature of the mandate (eg debit card details);(2) the purpose of the mandate (eg collecting insurance premiums);(3) how the mandate was obtained (eg by
1If a firm receives information through a telephone call in the course of, or in connection with, its designated investment business that amounts to a mandate as a result of the firm retaining a recording of the call (see CASS 8.2.3 G), the requirements at CASS 8.3.2 R (1) apply, regardless of whether or not the firm intends to use the mandate in the future. The firm will meet the requirements of CASS 8.3.2 R (1) if the firm's list of mandates is updated with the details of the
1A firm should not reproduce information meeting the conditions under CASS 8.2.1 R as a separate record (eg by including such information in its list of mandates under CASS 8.3.2 R (1)) unless the firm considers this necessary, as this creates additional risk of misuse. Making a record of the details concerning the mandate described in CASS 8.3.2C R would be appropriate.
1When keeping its list of mandates under CASS 8.3.2 R (1) up to date:(1) a firm should create a new entry in the list each time the firm obtains a new mandate;(2) if, for an existing entry on its list, a firm obtains the same information meeting the conditions in CASS 8.2.1 R again (eg in a written confirmation following a paperless direct debit), the additional mandate is not a new mandate and the firm should not create another entry on the list; but(3) the firm should, for every
1A firm must retain the records required under CASS 8.3.1 R in relation to a particular mandate for the following period after it ceases to have the mandate (e.g. because the firm has destroyed the relevant document, electronic record or telephone recording), as applicable:(1) subject to (2), a minimum of one year; (2) a minimum of five years, where the relevant mandate was held by the firm in the course of, or in connection with, its MiFID business.
The mandate rules require3firms to3 establish and maintain records and internal controls to prevent the misuse of a mandate.333
(1) If a firm receives information that puts it in the position described in CASS 8.2.1 R (4) in order to effect transactions immediately on receiving that information, then such information could only amount to a mandate if the firm retained3 it (for example by not destroying the relevant document, electronic record or telephone recording3):3(a) after it uses it to effect those immediate transactions; or(b) because those transactions are not, for whatever reason, effected immediately.(2)