Lists the obligations for the capture of communications by firms subject to the rule.

Rule Overview

Jurisdiction: United Kingdom

Regulator: FCA

Topic: Recordkeeping

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The recordkeeping obligations under this rule include the steps required of a firm to capture communications and prevent unauthorized device use as well as the notification of clients of the fact that communications with them will be captured.

SYSC 10A.1.6
Take all reasonable steps to record telephone conversations and keep a copy of electronic communications related to activities in financial instruments on firm or authorized equipment
SYSC 10A.1.7
Take all reasonable steps to prevent employees or contractors from using privately -owned equipment that the firm cannot capture
SYSC 10A.1.8
Comms to be captured include those that do not actually result in the performance of the activities in financial
SYSC 10A.1.9
Exemption from the rules for firms providing services solely or mainly to retail clients (subject to some substitute requirements)
SYSC 10A.1.10
Storage requirements for the substitute recordkeeping of firms exercising their right the exemption under 10A.1.9
SYSC 10A.1.11
Clients must be notified that comms will be recorded
SYSC 10A.1.12
A notification to a client is only required once - usually when onboarding a new client and before the provision of any investment services
SYSC 10A.1.13
Other comms to be recorded in a durable medium - including written minutes / notes of face-to-face meetings
SYSC 10A.1.15
Retention period of 5 years or 7 years if requested by the FCA
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