Subject Title - INSETA

SummaryThe FAIS Act requires stringent record-keeping arrangements.The following records need to be kept:– Records of known premature cancellations of transactions orfinancial products by clients of the FSP.– Records of complaints received and information on whetherthe complaints have been resolved.– Records of ongoing compliance with the requirements ofSection 8 of the FAIS Act.– Records of instances of non-compliance with the Act as wellas reasons for non-compliance.– Records of ongoing compliance by representatives asrequired by Section 13(1) and (2) of the Act.In addition, the General Code has additional record-keepingrequirements. This includes:– The ability to retrieve records;– Adequate systems to record verbal and writtencommunications relating to the provision of financial servicesto clients;– The records and documentation must be kept safe fromdestruction;– The records must be kept for five (5) years after thetermination of the product (to the knowledge of the FSP) orfor the same period after a financial service was provided;– When record-keeping is outsourced but the records must beavailable for inspection within seven (7) days of a request.The FICA requires FSPs to keep records of a single transaction or ofadditional transactions concluded in the course of a businessrelationship.224 © INSETA - Section 1 12a