"Seven years" is the number most brokers and advisers have in their heads, and for the common cases it is right. But the detail matters. The seven years does not always start when you think it does, and "keeping" a note means more than having it saved somewhere. This is a plain-English walk through the retention rules for client file notes in Australia, by profession, with the statutory basis for each. General guidance only, not legal advice.
The short answer, by profession
Here is the summary. The rest of the article explains where each number comes from and the traps in applying it.
| Profession | Retention period | Statutory basis |
|---|---|---|
| Mortgage broker (credit assistance) | 7 years | NCCP Act 2009 s120, s132, s143, s155 plus ASIC RG 205 record-keeping expectations |
| Financial adviser (AFS licence) | 7 years | Corporations Act 2001 s912A and s912G, ASIC RG 175 and ASIC record-keeping instruments |
| General business records (tax) | 5 years | Income Tax Assessment Act, ATO record-keeping rules |
Mortgage brokers: why it is seven years
The seven years for brokers comes from the National Consumer Credit Protection Act. As a credit assistance provider you make a preliminary assessment that the credit is not unsuitable for the client. Under the NCCP Act, a consumer can ask you for a written copy of that assessment, and the right to ask runs for up to seven years after the credit day. Sections 120, 132, 143 and 155 set the request and response rules.
If a client asks within two years, you have to produce the written assessment within seven business days. If they ask between two and seven years, you have 21 business days. You cannot produce a document you did not keep, so in practice the Act sets a seven-year retention obligation on the assessment and the material behind it. ASIC's guidance on credit licensing (RG 205) sets out the record-keeping the regulator expects to see behind those assessments. Your file note is a core part of that record.
Financial advisers: also seven years
For financial advisers the seven years sits under the Corporations Act. Section 912A requires an AFS licensee to provide financial services efficiently, honestly and fairly, and to keep adequate records. Section 912G and the ASIC record-keeping instruments made under it require records of the advice, including the basis for it, to be kept for at least seven years from the day the advice was given. ASIC's RG 175 sets the conduct and disclosure expectations behind this.
That covers your Statement of Advice, your Record of Advice, and the file notes that record client instructions, the scope of advice, and the conversations along the way. A file note is often the only contemporaneous evidence of what the client actually asked for and agreed to, so it is squarely inside the seven-year rule. If you also give credit assistance under an ACL, the NCCP rule above applies to that part of your work as well.
When does the clock start?
This is where people get caught out. The clock does not start when you write the note. For brokers it runs from the credit day - broadly, when the credit contract is entered into or the limit is increased. For advisers it runs from the day the advice was given. So a note written during a series of meetings is kept for seven years from the relevant credit or advice event, not from the date on the note.
- For a broker, a file note from an early fact-find still needs to survive seven years past settlement of the loan it fed into.
- For an adviser, notes across the advice process are kept seven years from the day advice was given.
- If a matter is disputed, keep everything until the dispute and any appeal are fully resolved, regardless of the seven-year mark.
What "keep" actually means
Keeping a note is not just storing a file. To be worth anything when it is read back to you, a record needs to be two things: accessible and tamper-evident.
Accessible means you can find it and produce it inside the statutory response window - seven business days for a recent broker request. A note buried in a departed staff member's inbox is not accessible. Tamper-evident means a reviewer can trust that the note has not been quietly changed since the day it was made. A Word file anyone can open and rewrite, with no version history, is weak evidence. A note that was locked at the time and shows any later change as a dated amendment is strong evidence.
Digital versus paper
You do not have to keep paper. Both the credit and financial services rules accept electronic records, provided they are accurate, complete, and can be produced on request. A clear, readable digital copy is fine and is usually easier to retrieve than a filing cabinet.
The catch with digital is that convenience cuts both ways. The same file that is easy to retrieve is often easy to edit. That is why the storage matters: you want a system that timestamps the note, keeps a change history, and stores the data somewhere you control. Where the data is hosted also matters for privacy under the Australian Privacy Principles, so knowing your records sit in Australia is a reasonable thing to ask for.
What happens at AFCA if you cannot produce the note
This is where retention stops being a filing question and becomes a money question. When a client complaint reaches the Australian Financial Complaints Authority, AFCA weighs the evidence from both sides. A contemporaneous file note is often your single best piece of evidence for what was discussed, what the client wanted, and what they agreed to.
If you cannot produce a note, you are arguing from memory against a written complaint, sometimes years later. AFCA can, and does, prefer the client's account where the licensee has no supporting record. "No note" often reads as "it did not happen". Poor record-keeping does not just risk a regulatory finding; it can lose you the individual dispute and the remediation that comes with it.
So the practical rule is simple. Write the note properly, lock it so it is tamper-evident, keep it accessible for at least seven years from the relevant event, and keep it longer if the matter is ever in dispute.
How CallNote helps with retention
CallNote never records your calls or sits in on them. It receives the transcript your phone or meeting system already made - you paste it, forward it by email, upload a voice memo, or connect a phone system like Dialpad or Aircall - and generates a structured file note from it in about two minutes.
The part that matters for retention is what happens after you review the note. The flow is Generate, Review, then Lodge and Lock. Once you lodge a note it is timestamped, SHA-256 sealed, and append-only, so any later change is added as a dated amendment rather than a silent rewrite. That gives you the accessible, tamper-evident record a reviewer or AFCA wants to see. Your data is stored in Australia (Sydney), encrypted, and never used to train AI models.
For what goes inside a defensible note in the first place, see our guide on how to write a compliant NCCP file note. If you are an adviser, our notes on file notes for financial advisers cover the advice-side detail. And for tooling, see the roundup of file note software for mortgage brokers.
Common questions
How long do mortgage brokers have to keep file notes in Australia?
Seven years is the practical answer. Under the NCCP Act a client can request a written copy of your preliminary assessment for up to seven years after the credit day, and you must produce it. Your file note is part of the material behind that assessment, so it needs to survive seven years from the credit event, not from the date on the note. Your aggregator or licensee may require longer.
How long do financial advisers have to keep records?
At least seven years from the day the advice was given. This sits under the Corporations Act section 912A and section 912G and the ASIC record-keeping instruments made under it, with RG 175 setting the conduct expectations. It covers your Statement of Advice, Record of Advice, and the file notes recording client instructions and the scope of advice.
When does the seven-year retention period start?
Not when you write the note. For brokers it runs from the credit day, broadly when the loan is entered into or the limit increased. For advisers it runs from the day the advice was given. A note from an early meeting is still kept seven years past the relevant credit or advice event. If a matter is disputed, keep the file until the dispute and any appeal are resolved.
Can I keep file notes digitally instead of on paper?
Yes. Both the credit and financial services rules accept electronic records, as long as they are accurate, complete, and can be produced on request within the statutory window. The important things are that the record is accessible and tamper-evident, and that you know where it is hosted, which also matters for privacy under the Australian Privacy Principles.
What happens at AFCA if I cannot produce a file note?
You are left arguing from memory against a written complaint, often years later. AFCA weighs the evidence from both sides, and where a licensee has no supporting record it can prefer the client's account. In practice "no note" often reads as "it did not happen", which can lose you the dispute and the remediation attached to it. A contemporaneous, locked note is your best protection.