It’s important to remember that it is not only people who carry out regulated activity roles such as Financial Advisers or Investment Managers who have to meet T&C standards, everyone connected with a regulated business has to meet T&C Commitments and a relevant scheme should cater for this group as well.
Keeping everything in one place is not mandatory but should anyone require access to the data, such as the regulator, having a comprehensive T&C scheme that is readily accessible will be advantageous.