ICOB Sch 1 Record Keeping Requirements
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record-keeping requirements. |
Handbook reference |
Subject of record |
Contents of record |
When records must be made |
Retention period |
Personal recommendation to customer |
Explanation of why the personal recommendation is suitable for the customer's demands and needs |
The date on which personal recommendation is made |
Three years |
|
As set out in ICOB 5.5.5 R |
The date on which policy summary is provided to the customer |
Three years |
||
All the contractual terms and conditions |
The date on which policy document is provided to the customer |
Three years |
||
Claims information |
Details of claim, the date on which the claim was settled or rejected and details of rejection including information relevant to the basis for settling or rejecting the claim |
The date on which claim is settled or rejected |
Three years |