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  1. Point in time
    2024-04-27

DISP App 5.3 General record retention

DISP App 5.3.1R
  1. (1)

    1Lenders and credit brokers must retain and preserve records:

    1. (a)

      relating to any regulated credit agreement entered into before 28 January 2021;

    2. (b)

      which meet the requirements in DISP App 5.1.2R(1)(b) and (c); and

    3. (c)

      that are or could be relevant to the handling of existing or future complaints or civil claims relating to discretionary commission arrangements.

  2. (2)

    The requirement in (1) applies:

    1. (a)

      regardless of whether a relevant motor finance DCA complaint has been made; and

    2. (b)

      in the period beginning with 11 January 2024 and ending with 10 January 2025.

DISP App 5.3.2E

1The following will be relevant records for the purposes of the requirement in DISP App 5.3.1R:

  1. (1)

    the regulated credit agreement;

  2. (2)

    records of the commission arrangements relating to the regulated credit agreement;

  3. (3)

    records of any commission, fee or other financial consideration paid (directly or indirectly) in connection with the regulated credit agreement, including details of its structure and calculation;

  4. (4)

    customer files and records, including any agreement setting out the nature of the services offered, any customer transactions and payments; and

  5. (5)

    communications with the customer.