FCA Handbook - BCOBS 6.2 Exercising the right to cancel

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BCOBS 6.2 Exercising the right to cancel

If a banking customer exercises his right to cancel he must, before the expiry of the cancellation period, notify this following the practical instructions given to him. The deadline shall be deemed to have been observed if the notification, if in a durable medium available and accessible to the recipient, is dispatched before the cancellation period expires.

[Note: article 6(6) of the Distance Marketing Directive for distance contracts]

The firm should accept any indication that the banking customer wishes to cancel as long as it satisfies the conditions for notification. In the event of any dispute, unless there is clear written evidence to the contrary, the firm should treat the date cited by the banking customer as the date when the notification was dispatched.

Record keeping

The firm must make adequate records concerning the exercise of a right to cancel and retain them for at least three years.