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.
Please feel free to contact us should you require further information.
Author: Paul Derham
