Subject Title - INSETA

3. The records and documentation This requirement is also part of themust be kept safe fromRisk Management systems anddestruction.procedures that must be in place interms of Section 11 of the GeneralCode. 148 FSPs have obligations toensure that documentation must bekept safe from destruction and it isimportant that the FAIS Actrequirements are included in thesearrangements. This is also coveredin Section 18 of the Act, which wediscussed above.In order to keep records „safe fromdestruction, the records should bekept in storage that is secure fromthe risk of fire, flood and relateddamages.4. The records must be kept for five (5) years after the termination of theproduct (to the knowledge of the FSP) or for the same period after afinancial service was provided.5. Record-keeping may beThe General Code makes provisionoutsourced as long as the records that FSPs may outsource theirare available for inspection withinseven (7) days of such a requestby the Registrar. 149record-keeping to third parties. Thecondition is that the FSP is able tomeet all the requirements regardingrecord-keeping and retrieval ofrecords if the function isoutsourced. These requirementsshould therefore be included in theagreements between the FSP andthird party to enable the FSP tomeet the legislative requirements.148 In addition to Section 3(2)(a)(iii) of the General Code149 Section 3(2)(c) of the General Code220 © INSETA - Section 1 12a