What is the minimum record keeping period for non-MiFID records?

The minimum record keeping period for non-MiFID records is indeed three years, which aligns with the regulatory requirements set forth in various UK financial regulations. This period is essential for ensuring that businesses maintain adequate records to demonstrate compliance with legal obligations and to facilitate effective oversight by regulatory bodies.

Retaining records for a minimum of three years allows firms to provide necessary information in case of audits or investigations. This timeframe also reflects the standard practice within the industry, where maintaining records for an extended but practical duration ensures that firms can address any potential queries regarding past transactions or decisions.

The three-year retention period balances the need for regulatory oversight with the practicalities of business operations, ensuring that firms can efficiently manage their records while still fulfilling their obligations to regulators and clients.