MCOB 2.8 Record keeping

MCOB 2.8 provides details of the standard expected of firms where there is an obligation in MCOB requiring firms to maintain adequate records to evidence compliance. An overall view of the record keeping requirements in MCOB is in MCOB Sch 1.

A record would be 'readily accessible' if it were available for inspection within two business days of the request being received.

1. (1)

   A firm may arrange for records to be kept in such form as it chooses, provided the record is readily accessible for inspection by the FSA.

2. (2)

   Where a firm chooses to maintain records in electronic form, it should take reasonable steps to ensure that:

   1. (a)

      the electronic record accurately reflects the original information; and

   2. (b)

      the electronic record has not been subject to unauthorised or accidental alteration.

Each rule in MCOB that requires a record also sets out a period that the record must be kept for. While not a requirement of MCOB, firms may choose to keep records for longer periods, for example, where there is the possibility of customer complaint or legal action against the firm.