Accounts and records

15. A registered adviser must keep accounts, including a distinct written record of the transactions undertaken for each client.

16. A registered adviser must keep clear written records of all advice given, all work done, all transactions made on behalf of each of their clients and all fees paid by each client. There must be a direct co-relation between work done and monies charged. Such records must be available for inspection by the Commissioner.

17. Wherever possible, the payment of fees to government departments, tribunals or other third parties should be made by the client direct to them.

18. Where it is necessary for a registered adviser to hold client money either in respect of future payments to be made on behalf of the client or in respect of fees paid for work not yet done or for any other purpose, that money:

1. must be held in a client account; and
2. it must be clearly shown that these funds remain the client's.

19. Registered advisers must keep a client bank account separate from their own business bank accounts. With respect to the client account:

1. transfers into and out of the client account must have supporting documentation; and
2. clients must be able to receive a financial statement showing their account balance, if they so request.

20. A registered person should have audited or certified and otherwise verified business accounts to which the following apply:

1. Accounts and records must comply with current legislation;
2. The Commissioner's Rules and Code of Standards do not replace any obligations/requirements of any UK law or institution (e.g. VAT, HM Revenue and Customs, the Companies Act, the Charities Commission, Companies House).
3. Registered advisers must give access to historic and day-to-day financial records to the Commissioner upon request.

21. Upon request, registered advisers must produce to the Commissioner their latest set of accounts.