[Mark44]

I'm still in the process of putting the caliper back on. The FSM doesn't say anything about what this clip is supposed to do. Maybe it's obvious when everything is back together, but it's not clear to me at the moment, and I don't want to get it wrong.

Here's a pic from the service manual. The blue arrow points to the retainer clip, which is part 13 in the previous figure.

 

[Racepres]

Anti Rattle Me Thinks
they surely Work without...and Yes...They Rattle sometimes without...

 

[gb1500]

i have same assy...and i guess to retain the inner pad if it disloges so as to not get caught up in the wheel assy....i had one(inner pad) worn to low and flopped out(dropped out to pavement) on the hyway but no entanglements on the wheel etc...so go figure...did its job?...i dont know but i check my pad wear more now

 

[hillcat]

I think Racepres and GB are both right.
It's both an anti-rattle and pad retainer.

 

[Mark44]

Thanks, @Racepres, @gb1500, and @hillcat!

 

[Thermodyne]

How about to retain the pads on the assembly line to make it more fool proof for the guy hanging the caliper? Keeps the inner pad from shifting and getting pushed out by the caliper when the caliper man slaps it in place.

 

[EASYGEAR]

It`s a multi function retainer clip.