7 - Core Regulatory Principles and Rules

Question 1

exemptions to initial disclosure

Answer 1

• execution only transactions in non life products
• if the information had already been given and is still valid
• initial communication took place via telephone (though this must be followed up in writing)

Question 2

FCA record keeping requirements

Answer 2

client agreements kept:

• indefinitely for pension transfers
• 5 years or duration of the relationship (whichever is greater) for most other forms of business