All of the Hayne Financial Services Royal Commission changes to be implemented this year impose new record-keeping obligations, particularly the new breach reporting obligations and internal dispute resolution procedures.

The new design and distribution obligations focus on product development issues and the need to document certain issues such as the target market determination.

At the same time as electronic execution of documents is growing, cybersecurity is an increasing risk.

All of these issues increase the need to review your document and record retention procedures.

I have updated my record retention checklist. You can download it here.

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