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Key findings

Across all jurisdictions, financial regulators require regulated organizations to capture and record business communications. While specific rules differ, obligations broadly require the same outcome: a firm must capture and preserve (for varying periods) all records that pertain to business communication.Initially, recordkeeping only concerned traditional business communication methods, such as email. However, as communication channels expand, firms must simultaneously increase their capabilities to capture and retain those communications. In-house solutions are often cumbersome or difficult to scale. On the other hand, regulators such as the U.K. Financial Conduct Authority (FCA) have actively warned firms against relying on retention solutions provided by communication providers, such as the archive function within social media platforms:

Firms should also keep adequate records of any relevant communications. As well as helping to protect consumers, these records enable the firm to deal effectively with any subsequent claims or complaints. Firms should not rely on digital media channels to maintain records, as they will not have control over this. Social media platforms may refresh content from time to time, which may delete older material.