A record would be 'readily accessible' if it were available for inspection within two business days of the request being received.
Where a firm chooses to maintain records in electronic form, it should take reasonable steps to ensure that:
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.
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).