Neglecting paperwork can be detrimental to an advisor. If your client later questions the suitability of a product that you have recommended to him, you may become vulnerable to allegations that you breached your duty to your client.
One of the most common claims against advisors is a breach of client suitability rules. Problems arise when there is no written confirmation of a client's investment strategy and/or no record of changes to this investment strategy.
Document any advice and disclosure you have given to your client and retain sufficient information in your client's file to demonstrate the appropriateness of the advice and the sale.
You are required to keep regular and accurate accounts of all transactions. You must at the request of Standard Life, provide access to any documentation related to any financial transaction undertaken in relation to Standard Life.
Only information required to conduct business should be obtained and retained. This includes all forms of material – written, electronic or otherwise. All files containing such information should be safely secured in a suitable location. Personal information should be obtained directly from your client.
Access to client information must be restricted to authorized individuals in your employ, and this information must not be shared with any other person or entity without the written permission of the client, unless directed under statutory authority.
You must adhere with Canadian privacy laws at all times.
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