Client Records

Hi all,

I'm sure many of you are in the financial services industry and hopefully you can point me to the right area to search for the information I need.

We are converting to an electronic system for storing client files and documents, and one thing I need to find out is whether there are any requirements to keep originals of specific documents.

Can anyone help point me in the right direction?

Cheers!

 

Hi Andy,

You should speak to your Licensee/Compliance in relation to what there requirements are.

It would be up to them about how long you have to keep originals for.

Cheers,

Dan

 

depends what business. Id imagine an original signed loan contract would be something they would not want thrown out. But if your a mortgage broking business id imagine copies of payslips supporting applications could be thown out straight away...

 

Thanks for the help. I'm surprised there are no regulations for it with ASIC or the like. The only reference I found was that the services of IT companies were allowed for off site storage of records, which implies to me that electronic copies are fine.

Maybe there is some other document which might describe the actual record keeping process better, but I haven't seen it as yet.

 

It might be worth flicking an e-mail to the FPA for some direction on where to look.

I'm not sure either but would be great if you could post what you find out?


We've got a store-room full of old client files and paperwork. Would be good to think it could all go on a CD.

 

but would it be worth the cost in wages to scan all this stuff in?

Cost might not be worth the reward.

 

You're probably right DaveA. But we are right amongst the uni in Fremantle so perhaps I could put a canny add in the uni newspaper..

''I.T. work experience available - suitable for all I.T. students. 1 weeks work available working as Manager of Electronic Documentation Transfer Systems".

 

Very nicely worded Property WA