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?

#3053 Reply

Adam

We grappled with this issue for quite some time as we viewed it as somewhat impractical for an adviser leaving our ASFL to have to provide copies of files, soft or hard, especially when there could be several hundred.

As part of the adviser’s agreement in joining our AFSL an adviser is required to retain client information for 7 years and provide us with access to them. When they leave, we also require them to sign a deed which stipulates that they will continue to provide us with access to their files up to the 7 year period, even in circumstances where they move to further licensees during this period.

This provides us with protection in the event of complaints and puts the onus on them if client information they had is not available to us.

Hope this helps,

James

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