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MCOB 3.10 Records

Requirement to make and retain records

MCOB 3.10.1R

A firm must make an adequate record of each non-real time qualifying credit promotion which it has confirmed as complying with the rules in this chapter. The record must be retained for a year from the date at which the qualifying credit promotion was last communicated.

Content of records

MCOB 3.10.2G

In deciding what is an adequate record under MCOB 3.10.1 R, a firm should consider including, or providing reference to, where appropriate, such matters as:

  1. (1)

    the name of the individual or individuals who confirmed that the qualifying credit promotion complied with the rules in this chapter;

  2. (2)

    the date of confirmation and (where appropriate) approval;

  3. (3)

    details of the medium for which the qualifying credit promotion was authorised;

  4. (4)

    the evidence supporting any material factual statement about qualifying credit in the qualifying credit promotion. For example, for any testimonial they use, advertisers should hold signed and dated proof, including a contact address. Unless they are genuine opinions taken from a published source, testimonials should only be used with the written permission of those giving them; and

  5. (5)

    where the promotion contains a typical APR, evidence to show that the APR was representative of the business expected to arise from the promotion (see MCOB 3.6.22 R).

MCOB 3.10.3G
  1. (1)

    A firm should also retain a copy of the qualifying credit promotion as finally published or, if this is not practicable, monitor the published version to verify that it is in substantially the same format as the version which the firm confirmed complied with the rules in this chapter.

  2. (2)

    Records which should be retained include:

    1. (a)

      any written qualifying credit promotion used by an adviser; and

    2. (b)

      any written material which is used in an organised marketing campaign (including, for example, written mailshots whether sent by e-mail, post, facsimile or other media).

  3. (3)

    If the qualifying credit promotion is not in written form, the record should represent the actual qualifying credit promotion as accurately as possible.

Form of records

MCOB 3.10.4G

MCOB 2.8 (Record keeping) applies to the form in which records required in accordance with this chapter must be kept.