Currently, according to the SRA Financial Services under rule 10, records relating to clients and matters should be kept for at least 6 years. The FCA advice is that records should be kept for 5 years. However, the European Council and Parliament has adopted reforms to the EU’s data protection rules which promise to bring in the controversial “right to be forgotten”. Theoretically, this could mean that people could ask for all data about them to be deleted at any time. This seems to directly contradict the rules regarding retention. The ultimate outcome will be, in part, influenced by high profile legal battles between the EU and huge corporations such as Google but the impact could be far reaching.
The ‘Liberate Data Manager’ is the latest addition to the Liberate suite of applications. The data management module has been developed to comply with the multiple rules and guidelines on file retention, record management and data deletion ranging from the SRA to FCA and ISO standards. The module also provides a solid and agile base upon which to build any future changes as the rules and regulations continue to evolve.
If you would like to know more about the Liberate Data Manager then please contact us on 0113 2500020 or email email@example.com