Australian Financial Services Licensing (AFSL) Forum

Home Forums Australian Financial Services Licensing (AFSL) Forum I deal with retail clients. Do I need to keep a hard copy of client files? Re: I deal with retail clients. Do I need to keep a hard copy of client files?

#3041 Reply
Paul Derham
Paul Derham
Keymaster

It’s worth adding that most dealer groups include in any sale of business (or sale of client files) a condition that they have access to the client files for 7 years – and they may not keep hard or soft copy of them. ¬†However, if the adviser and his or her files change dealer groups a number of times over that period, the original dealer group may not be able to access the files. ¬†If the original dealer group receives a complaint with regard to one of the files, (or if ASIC requisitions the dealergroup), then it may be in breach of its licence conditions if it cannot access them.

 

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Author: Paul Derham

 

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