Compliant customer files
Insurance and Financial Planning
Record-keeping rules
Independent representatives, firms and independent companies
Record-keeping rules include, among other things, the obligation for firms, independent companies, and independent representatives to create certain files, to ensure the security of the information contained therein, and to keep the information up to date when necessary.
However, it is possible for them to establish stricter standards than those provided for in the regulations. More specifically, the rules stipulate that these entities must:
- establish a file for each client
- take all necessary measures to protect data against loss, destruction, or falsification
- allow information to be easily retrieved within a reasonable timeframe
Attached representatives
The representative is likely the person who, on the front lines, must ensure the recording of all useful and necessary information for maintaining client files.
If they practice as an independent representative, they are then completely responsible for the content of the files and their updating. If they practice on behalf of a firm or an independent company, the overall responsibility lies with the latter.