E Excited-Student-5691 · 1d ago

FCA J02 Fraud Rules: Admin vs Custodian Record Retention

Just finished the section on the FCA handbook requirements for J02. The mapping of the prevention of fraud rules to the specific record retention timeline is less clear than I initially thought. Is the ten-year audit trail requirement strictly for the fund administrator or does the custodian have separate obligations for the underlying assets because my notes seem to merge these two sections together.

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Fast_Cat_9575 1d ago

I really appreciate you raising this challenging point regarding the FCA J02 rules. According to the provisions, both the administrator and custodian must maintain records to satisfy the ten-year requirement to support the prevention of fraud. Thank you for highlighting such an important detail in our discussions.

Smart-Bear-2774 1d ago

I spent ages looking at that distinction too. The custodian holds the assets so that ten year record is proof of ownership. The administrator builds the ledgers so they hold the full detailed information. It is really about functional responsibility not just who signs the checks.