Subject Title - INSETA

5. Records of ongoing compliance byrepresentatives asrequired by Section 13(1)and (2) of the Act.Representatives must have the necessarydocumentation to confirm that theyrepresent the FSP in terms of a mandateor contract and that the FSP acceptsresponsibility for the activities of therepresentative accordingly.There must be adequate processes andsystems in place to ensure continuedfitness and propriety of key individuals andrepresentatives.FSPs must ensure that their Risk Management models include internal controlstructures, procedures and controls with disaster recovery and back‐upprocedures on electronic data, where applicable.12.1.2 Record-keeping obligations in terms of the FAIS General CodeIn addition to the record-keeping requirements in terms of the FAIS Act itself,the FAIS General Code has the following requirements:1. The FSP must have adequatesystems and procedures in placeto record verbal and writtencommunications relating to theprovision of financial services toclients. 146 The records must bekept in accordance with therequirements of Section 18.2. The FSP must be able to retrievethe records and other materialdocumentation relating to clientsor financial services.Telephonic conversations regardingthe provision of financial servicesmust be recorded and the recordskept for five (5) years, subject topoint 8 below. 147When the Registrar needs access torecords of clients and/or financialservices provided (such as the recordof advice) this must be producedwithin the required time periods.146 Sections 3(2)(a)(b) of the General Code147 Section 14(2)(a) of the General Code read with Section 18 of the Act© INSETA - Section 1 12a 219