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ICOBS Sch 1 Record keeping requirements

G

1Notes

1

The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements.

2

It is not a complete statement of those requirements and should not be relied on as if it were.

G

Handbook reference

Subject of record

Contents of record

When record must be made

Retention period

ICOBS 1 Annex 1 G, Part 2 3.1R(3)

Record of election to comply with COBS rules for pure protection policies (including amendment or reversal)

Date of election and precise description of parts of the firm's business that will comply with COBS provisions

Not specified

Indefinitely

2ICOBS 5.1.3B R

Eligibility

Details of whether the customer is eligible to claim each of the benefits under each policy included in the packaged bank account

Date of eligibility assessment

3 years

2ICOBS 5.3.2B R

Suitability and recommendation given

Details of whether each policy included in the packaged bank account is suitable for the customer's demand and needs, the recommendation given and the reasons for the recommendation

Date of recommendation

3 years