A coalition of organisations has written an open letter to the Financial Conduct Authority (FCA), the Treasury and other individuals overseeing financial services, calling for the regulator to jettison plans to automatically delete emails after 12 months.
The regulator told employees earlier this year that, as of 1 April, all emails will automatically be deleted after a year unless staff take specific steps to retain them. In the letter published today (20 March), a cohort made up of CEOs and senior directors from companies such as Positive Money, Sharesoc and the Tax Justice Network, argued that the FCA's policy would harm the rights of consumers, reduce the efficacy of the regulator, and damage the UK financial sector's reputation. Freedom of Information requests, Treasury-mandated external reviews and legal challenges would all be a...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
