FCA UK Regulation Exam Practice 2025 – Complete Preparation Guide

Question: 1 / 400

A firm receives a complaint from a customer relating to MiFID business. What is the MINIMUM period records should be retained?

Two years from the date the complaint was received

Three years from the date the complaint was received

Five years from the date the complaint was received

The correct answer is based on the regulatory requirements set forth by the Financial Conduct Authority (FCA). According to FCA rules, firms are required to retain records of complaints relating to MiFID (Markets in Financial Instruments Directive) business for a minimum period to ensure proper oversight and remediation of issues that may arise with clients.

Retaining records for five years allows firms to maintain adequate documentation that can be reviewed in the event of disputes, compliance checks, or regulatory inquiries. This retention period supports accountability and facilitates investigations into complaints, ensuring that firms can provide evidence of how they handled specific issues while also ensuring consumer protection within the financial markets.

By adhering to this requirement, firms also promote transparency and foster customer trust, aligning with the FCA’s overarching objectives of promoting competition, protecting consumers, and enhancing the integrity of the UK financial system.

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Ten years from the date the complaint was received

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