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MCOB 2.8 Record keeping

Purpose

MCOB 2.8.1G

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.

Accessibility of records

MCOB 2.8.2R

The records required in MCOB must be readily accessible for inspection by the FCA.

MCOB 2.8.3G

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

MCOB 2.8.4G
  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 FCA.

  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.

MCOB 2.8.5G

Except for MCOB 11.6.21A R, each2 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.

Home purchase plans

MCOB 2.8.6G

1This sourcebook does not specify detailed record keeping requirements for a firm that carries on a home purchase activity or that communicates or approves a financial promotion of a home purchase plan (but note the high-level record-keeping provisions in the Senior Management Arrangements, Systems and Controls sourcebook).