Financial Regulator wants firms to hold data

LEGAL changes which would force all financial firms to keep detailed records of any written, electronic or phone correspondence from customers for at least two years have been proposed in an attempt to prevent any mismanagement of client investments.

According to the proposed regulations from the Financial Regulator, from May next year all financial, credit and stock exchange firms will be legally obliged to keep recordings of written, electronic, land line and mobile phone customer orders and complaints for at least 24 months.

In addition, if the complaint or investigation linked to the correspondence has not been resolved within this period, companies must continue to keep the detailed records on file.