The Financial Markets Authority has published an information sheet for Financial Advice Providers about how they can demonstrate compliance with record keeping obligations.
Under the new financial advice regime Standard Condition 1 for both transitional FAP licences and full FAP licences states: “You must create in a timely manner and maintain adequate records in relation to your financial advice service.”
The information sheet provides an overview of the record keeping obligations and sets out areas for FAPs to consider when reviewing their record keeping practises. It also includes examples to illustrate how FAPs can demonstrate compliance with the requirements.
More daily news: