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COBS 14.2.18 Record Keeping

Past version: effective from 21/10/2015 - 20/10/2015
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(a) An Authorised Person must maintain records:
(i) which enable the Authorised Person to demonstrate compliance with these Rules;
(ii) which enable the Authorised Person to demonstrate and explain all entries of Client Money held or controlled in accordance with these Rules; and
(iii) of all cheques relating to Client Money received and forwarded.
(b) Records must be kept for a minimum of six years.
(c) An Authorised Person must maintain proper books and accounts based on the double- entry booking principle. They must be legible, up to date and contain narratives with the entries which identify and provide adequate information about each transaction. Entries must be made in chronological order and the current balance must be shown on each of the Authorised Person's ledgers.