Consumer Protection Act, 2008 (Act No. 68 of 2008)RegulationsConsumer Protection Act Regulations10. Records to be kept by intermediary |
| 1) | For purposes of section 27(3)(b) of the Act, an intermediary must for a period of 3 (three) years retain a copy of— |
| a) | any information contemplated in subregulations (2) and (3) of regulation 9; |
| b) | any written instruction given or sent by a consumer to the intermediary; |
| c) | if applicable and only where a transaction results, maintain a record of advice furnished to a consumer which must reflect the basis on which the advice was given. |
| 2) | An intermediary must take all reasonable steps to keep all records and documentation safe from destruction, and must if records are lost or destroyed, make a statement under oath or affirmation explaining the reasons for or the circumstances of the loss or the destruction. |
| 3) | An intermediary may keep records in an appropriate electronic or recorded format, which must be easily accessible and readily reducible to written or printed form. |