SECTION 10

Question 1

Record keeping general time limits:

Answer 1

Three years (non-MiFID business)
Five years (MiFID business)

Question 2

Pension contracts, stakeholder pensions and life assurance time limits:

Answer 2

Five years

Question 3

Pension transfers and opt-outs, free-standing additional voluntary contributions (FSAVCs) time limit:

Answer 3

Indefinitely

Question 4

Recordings of telephone communications time limit:

Answer 4

Five years from creation of record

Question 5

Keeping records offsite must be -

Answer 5

Readily accessible

Question 6

Other requirements on your syllabus include:

Answer 6

Records of directors’ responsibilities under SYSC – six years
• Records of identification under Money Laundering Regulations – five
years
• Records held in data form under the Data Protection Act – not longer
than necessary

Question 7

Rules that include eligible counterparties (‘all clients’):

Answer 7

• Client categorisation
• Most information disclosure rules
• Conflict of interest rules, including:
  • Chinese Walls
  • Investment research
  • Personal account dealing
• Occasional and periodic reporting rules
• Client assets

Question 8

Rules that apply to retail clients only:

Answer 8

• Financial promotions rules

- Retail investment product disclosures, including KFDs, KIIDs and KIDs

Question 9

All other rules apply to

Answer 9

retail and professional clients (‘all customers’)