INDI 1.1.6 Record-keeping
(1) An authorised firm must maintain the records necessary:
(b) to demonstrate, at all times, that it has complied with those Chapters.
(2) Without limiting subrule (1), the firm must maintain a record of how it made each decision about an individual, including, for example:
(a) the inquiries that it made before making the decision, the dates on which it made them and the results;
(b) the matters that it took into account in making the decision;
(c) the provisions of Rules and guidance that it considered or complied with in making the decision, and, if appropriate, how it complied with the Rules; and
(d) the decision, the date on which it was made and the reasons for it.
(3) The firm must retain such records for at least 6 years after the day on which they are made.
(4) However, the firm must retain records made for subrule (2) about an individual who is (or has been) performing a controlled function or the customer-facing function for at least 6 years after the day on which he or she ceases (or ceased) to perform the function for the firm.
|Derived from QFCRA RM/2014-5 (as from 1st January 2015)|