ASIC financial adviser exam, Code of Ethics: client care and quality process (Standards 4–9) question: records

ASIC examCode of Ethics: client care and quality process (Standards 4–9)

Whose records does Standard 8 cover?

A Clients advised within the last seven years
B Current clients only
C Clients with an ongoing fee arrangement
D Clients and former clients

Show the answer and explanation

Answer: D. Clients and former clients

Standard 8 of the Financial Planners and Advisers Code of Ethics 2019 says 'You must ensure that your records of clients, including former clients, are kept in a form that is complete and accurate.' The duty continues after the relationship ends, which matters for complaints, AFCA matters and remediation that may arise years later.

Common mistake

Ending the engagement does not end the record-keeping duty.

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