Recordings must be stored for a minimum of five years from the date the record is created (and if requested by the competent authority for up to seven years). All records must be kept in a 'durable medium' so that they can be effectively monitored for compliance, and in a way that allows them to be replayed or copied, ensuring the original record cannot be deleted or altered. All of this data  must be easily accessible and available upon the FCA's request.  

To ensure compliance, your organisation will need to review all records on a period basis. The monitoring is specified as ‘risk-based and proportionate.’ So you will need to prove that the appropriate policies, procedures and management of your recordings are in place and that your management have clear supervision of these policies. Recording procedures must then be periodically re-evaluated with alternative or additional measures adopted if necessary. If you are not able to comply,  an investigation into why the records are not able to be retained will need to take place. Alongside the recorded data, records of these investigations must also be kept for a minimum of five years.