FileHive – Data Retention Policy.
Last updated [28/08/2024]
Introduction.
MISL Ltd is committed to managing and protecting data in compliance with UK regulations and best practices. This policy outlines the data retention periods and procedures for data stored within FileHive, our cloud-hosted Electronic Document Management System (EDMS). The purpose of this policy is to ensure proper management of data lifecycle, from collection to deletion.
Scope.
This policy applies to all clients utilising FileHive, including all types of data stored on the platform. The retention periods defined below adhere to UK industry standards and legal requirements, ensuring compliance with regulatory bodies such as HMRC and GDPR.
Retention Periods by Data Type.
Financial Records
Retention Period: 6 years
Details: In accordance with HMRC regulations, financial documents, including invoices, payroll records, tax filings, and bank statements, will be stored for 6 years. After this period, MISL Ltd will securely delete these records unless a client requests extended retention.
HR and Employment Records
Retention Period: 6 years post-employment
Details: Employee-related documents such as contracts, performance evaluations, and termination records will be retained for 6 years after the employee leaves the organisation.
Client Contracts and Legal Agreements
Retention Period: 6 years after contract termination
Details: Legal contracts and client agreements will be retained for 6 years from the date of contract termination or completion, as per UK statutory limitations for contract law.
Project and Business Records
Retention Period: 3 years
Details: General business and project files, which are not subject to specific legal or regulatory requirements, will be retained for 3 years.
Personal Data
Retention Period: Until consent is withdrawn or the data is no longer necessary
Details: Personal data collected and stored will be retained as long as it is necessary for the purpose for which it was collected, unless a data subject withdraws consent or requests deletion.
Extension of Retention Periods.
In some cases, data may need to be retained beyond the standard retention periods, such as ongoing legal proceedings or extended contractual obligations. MISL Ltd will notify clients in the event that retention periods need to be extended.
Secure Deletion.
At the end of the retention period, MISL Ltd will securely delete or anonymise the data stored in FileHive, following best practices for data destruction. Data will be rendered unrecoverable, ensuring full compliance with GDPR and industry standards.
Client Requests for Deletion.
Clients can request early deletion of data at any time, subject to legal and regulatory requirements. Upon receipt of a deletion request, MISL Ltd will verify the request, and if eligible, permanently delete the requested data from our system.
Audits and Compliance.
MISL Ltd regularly reviews and audits data retention practices to ensure compliance with the latest legal requirements and industry standards. Clients will be informed of any updates to the retention policy.