Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether record keeping regulations relating to financial services apply to organisations offering third party data storage to banks.

Authorised firms, such as banks, must be able to meet their regulatory requirements even when relying on a third party for the performance of operational functions. The firm must make available to the regulator all information necessary to ensure the regulator is able to supervise the compliance of the outsourced activities with the regulatory requirements, including those on record keeping.