Content Options

MCOB Sch 1 Record keeping requirements

MCOB Sch 1.1G

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

MCOB Sch 1.2G

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

MCOB Sch 1.3G

Handbook reference

Subject of record

Contents of record

When record must be made

Retention period

5MCOB 1.2.9CR (1)

A high net worth mortgage customer

Evidence of satisfaction of definition of high net worth mortgage customer

When it is used or obtained

Three years from when obtained or, if later, used

5MCOB 1.2.9CR (2)

A high net worth mortgage customer

Written statement confirming the customer is a high net worth mortgage customer

When it is used or obtained

Three years from when obtained or, if later, used

5MCOB 1.2.9D R

A loan solely for a business purpose

Business plan

When it is used or obtained

Three years from when obtained or, if later, used

5MCOB 1.2.9E R

A professional customer

Evidence of satisfaction of definition of professional customer

When it is used or obtained

Three years from when obtained or, if later, used6

5MCOB 4.4A.23 G

Disclosures

Appropriate records of disclosures required by section MCOB 4.4A

When disclosure made

As required by SYSC 95

MCOB 4.6.11 R

Notice of cancellation

A record of the fact that notice has been given (including the original notice instructions and a copy of any receipt of notice issued)

When the firm first becomes aware that notice has been served

Three years

5MCOB 4.7A.25R (1)(a)

Suitability of regulated mortgage contracts

Customer information obtained for the purposes of assessing suitability of a regulated mortgage contract

When advice given

Three years

5MCOB 4.7A.25R (1)(b)

Suitability of regulated mortgage contracts

An explanation of why the firm has concluded its advice is suitable

When advice given

Three years

5MCOB 4.7A.25R (1)(c)

Rolling-up of fees or charges into loan

The customer's positive choice to add fees or charges to the sum advanced

When choice made

Three years

5MCOB 4.8A.18R (1)(a)

Execution-only sales of regulated mortgage contracts

Information provided by the customer about the regulated mortgage contract he wishes to purchase.

The date a regulated mortgage contract was entered into or arranged

Three years

MCOB 4.8A.18R (1)(b)5

Execution-only sales of regulated mortgage contracts

The warning to the customer in a durable medium regarding his lack of protection of the rules on assessing suitability

The date a regulated mortgage contract was entered into or arranged

Three years

5MCOB 4.8A.18R (1)(c)

Execution-only sales of regulated mortgage contracts

The customer's confirmation of his positive election to proceed with an execution-only sale

The date a regulated mortgage contract was entered into or arranged

Three years

5MCOB 4.8A.18R (1)(d)

Execution-only sales of regulated mortgage contracts

Details of advice rejected.

The date a regulated mortgage contract was entered into or arranged

Three years

5MCOB 4.8A.18R (3)

Execution-only sales of regulated mortgage contracts

The firm's policy for managing execution-only sales

When the policy is made

One year from when the policy is changed

5MCOB 4.10.9B R

Execution-only sales of home purchase plans

Information provided by the customer about the home purchase plan he wishes to purchase; the warning to the customer in a durable medium regarding his lack of protection of the rules on assessing suitability; the customer's confirmation of his positive election to proceed with an execution-only sale.

The date a home purchase plan was entered into or arranged

Three years

The firm's policy for managing execution-only sales

When the policy is made

One year from when the policy is changed

5MCOB 4.10.13R (1)(a)

Suitability of home purchase plans

Customer information obtained for the purposes of assessing suitability of a home purchase plan

When advice given

Three years

5MCOB 4.10.13R (1)(b)

Suitability of home purchase plans

An explanation of why the firm has concluded its advice is suitable

When advice given

Three years

5MCOB 4.10.13R (1)(c)

Advice on home purchase plans

Any advice rejected, including the reasons rejected and details of any home purchase plan the customer has proceeded with as an execution-only sale

When advice given

Three years

3MCOB 4.11.8 R

Customer information on which an assessment of the affordability and appropriateness for a regulated sale and rent back agreement was based

Customer information on his income, expenditure, resources, needs, objectives and individual circumstances

The date on which the firm assessed suitability5

5

Five years, or one year after the end of the fixed term of the tenancy agreement, if later

MCOB 5.4.19R

Each illustration a firm issues to a customer where the customer applies for that particular regulated mortgage contract

The Key facts illustrations (KFI) issued

The date the customer applies for the particular regulated mortgage contract

One year

MCOB 5.4.21R

Each KFI retained

Detail of: the date the KFI was issued; the date on which the customer applied for the regulated mortgage contract; and the medium through which the KFI was issued

The date the customer applies for the particular regulated mortgage contract

One year

MCOB 5.9.2R

Each pre-sale disclosure

A record of the main terms of the regulated sale and rent back agreement

The date on which the disclosure is made

The longer of a period of one year 3from the end of the fixed term of the tenancy3 or five years from the date of the disclosure

33

3MCOB 5.9.8R

Provider information

A record of the contact details of the provider, making it clear whether it is a SRB agreement provider or an unauthorised SRB agreement provider

The date on which the regulated sale and rent back mediation activity is carried on

The longer of one year, or one year from the end of the fixed term of the tenancy under the regulated sale and rent back agreement

MCOB 6.4.3R(1)

Offer document

Each offer document issued to the customer

The date on which the firm issues the offer document to the customer

One year

MCOB 6.4.3R(2)

Tariff of charges

A copy of the tariff of charges issued with, or as part of the offer document

The date on which the firm issues the tariff of charges to the customer

One year

MCOB 6.4.3R(3)

Supplemental information relating to mortgage credit cards

Information explaining that rights associated with a traditional credit card do not apply,

The date on which the firm issues the information to the customer

One year

3MCOB 6.9.11R

Each written pre-offer document (Stage One) required under MCOB 6.9.3R

A record of the main terms of the proposed regulated sale and rent back agreement

The date on which the document is produced

The longer of a period of one year from the end of the fixed term of the tenancy under the regulated sale and rent back agreement or five years from the date of the written pre-offer document

3MCOB 6.9.11R

Each written offer document for signing (Stage Two) required under MCOB 6.9.10R (1)

A record of the contents of the documents and the cooling-off period

The date on which the document is produced

The longer of a period of one year from the end of the fixed term of the tenancy under the regulated sale and rent back agreement or five years from the date of the written offer document

MCOB 7.4.2R

Start of contract disclosure

The amount of the first and subsequent payments; the date and method of collection of the first and subsequent payments; details of insurance products and any repayment vehicle purchased through the firm, of the first premium payable and whether this is to be collected with the mortgage payment; detail of the repayment method, and if interest only a reminder to the customer to maintain a suitable repayment vehicle; what to do if the account falls into arrears; information about linked borrowing or savings available and whether or not overpayments or underpayments are permitted.

The date on which the firm issues the information to the customer

One year5

MCOB 8.3.1R(1)

Notice of cancellation

A record of the fact that notice has been given (including the original notice instructions and a copy of any receipt of notice issued)

When the firm first becomes aware that notice has been served

Three years

5MCOB 8.5A.19R (1)(a)

Suitability of equity release transactions

Customer information obtained for the purposes of assessing suitability of an equity release transaction

When advice given

Three years

5MCOB 8.5A.19R (1)(b)

Suitability of equity release transactions

An explanation of why the firm has concluded its advice is suitable

When advice given

Three years

5MCOB 8.5A.19R (1)(c)

Advice on equity release transactions

Any advice rejected, including the reasons rejected and details of any regulated mortgage contract the customer has proceeded with as an execution-only sale

When advice given

Three years

5MCOB 8.5A.19R (1)(d)

Rolling-up of fees or charges into loan

The customer's positive choice to add fees or charges to the sum advanced

When choice made

Three years

5MCOB 8.6A.9 R

Execution-only sales of equity release transactions

Information provided by the customer about the equity release transaction he wishes to purchase; the warning to the customer in a durable medium regarding his lack of protection of the rules on assessing suitability; the customer's confirmation of his positive election to proceed with an execution-only sale; any advice from the firm which the customer rejected, including the reasons why it was rejected.

The date a home purchase plan was entered into or arranged

Three years

MCOB 9.3.1R

Each illustration a firm issues to a customer where the customer applies for that particular equity release transaction2

2

The key2facts illustrations (KFI) issued

2

The date the customer applies for the particular equity release transaction2

2

One year

MCOB 9.3.1R

Each KFI retained

Detail of: the date the KFI was issued; the date on which the customer applied for the equity release transaction2; and the medium through which the KFI was issued

2

The date the customer applies for the particular equity release transaction2

2

One year

MCOB 9.5.2R

Offer document

Each offer document issued to the customer

The date on which the firm issues the offer document to the customer

One year

MCOB 9.5.2R

Tariff of charges

A copy of the tariff of charges issued with, or as part of the offer document

The date on which the firm issues the tariff of charges to the customer

One year

MCOB 9.5.2R

Supplemental information relating to mortgage credit card

Information explaining that rights associated with a traditional credit card do not apply

The date on which the firm issues the information to the customer

One year

MCOB 9.7.10R

Start of contract disclosure where interest payments are required

The amount of the first and subsequent payments; the date, frequency and method of collection of the first and subsequent payments; the net amount the customer will receive where interest is deducted from income and the method by which this will be paid; details of insurance products purchased through the firm, of the first premium payable and whether this is to be collected with the mortgage payment; confirmation that the lifetime mortgage1 is on an interest-only basis and details of how the firm expects the capital to be repaid; what to do if the account falls into arrears; information about linked borrowing or savings available and whether or not overpayments or underpayments are permitted.

1

The date on which the firm issues the information to the customer

One year

MCOB 9.6.1R

Illustrations required on event-driven changes to the contract

A copy of the illustrations issued for further advances requiring authorisation; rate switches and the removal or addition of a party to the contract

When the illustrations is issued

One year

MCOB 9.7.10R

Start of contract disclosure for a drawdown mortgage with fixed payments to the customer

The amount of the first and subsequent payments; the date of issue and method of the payment of the first and subsequent payments; details of insurance products purchased through the firm, and of the first and subsequent premiums and the method and date of collection; details of how the firm expects the capital and interest to be paid; information about linked borrowing or savings available and whether or not repayments are permitted

The date on which the firm issues the information to the customer

One year

MCOB 9.7.10R

Start of contract disclosure for a drawdown mortgage without fixed payments to the customer

Where the customer can choose the frequency of the payment, details of the limitations on frequency and amount of payments; where payments can vary for any other reasons, details of the amount of the first payment and how subsequent payments can vary; the method by which payments will be made; details of insurance products purchased through the firm, and of the first and subsequent premiums and the method and date of collection; details of how the firm expects the capital and interest to be paid; information about linked borrowing or savings available and whether or not repayments are permitted

The date on which the firm issues the information to the customer

One year

MCOB 9.7.10R

Start of contract disclosure where a lump sum payment to the customer is made and interest is rolled up

Confirmation if appropriate that no payments are required and details of how the firm expect capital and interest to be paid; if payments are to be made, the amount, frequency and method of collection of the first and subsequent payments; what to do in the case of arrears; details of insurance products purchased through the firm, and of the first and subsequent premiums and the method and date of collection; details of how the firm expects the capital and interest to be paid; information about linked borrowing or savings available and whether or not repayments are permitted

The date on which the firm issues the information to the customer

One year5

5MCOB 11.6.60R (1) to MCOB 11.6.60R (4)

Responsible lending and financing

Steps taken to comply with rules including: information taken into account in each affordability assessment; in relation to interest-only mortgages, the reasons for the offer decision, evidence relating to the customer's repayment strategy, details of the firm's attempts to contact the customer and the outcome of each mid-term review; information relating to the extension of the term of bridging loans which are neither with a high net worth mortgage customer nor or a secured overdraft solely for a business purpose

When regulated mortgage contract or home purchase plan (or variation) is entered into, or the mid-term review takes place

The term of the contract or plan

5MCOB 11.6.60R (6)(a)

Transitional arrangements

The outstanding balance on the existing contract

When new contract or variation is entered into

For the term of the regulated mortgage contract or home purchase plan

5MCOB 11.6.60R (6)(b)

Transitional arrangements

The cost of repairs or maintenance work to the property

When new contract or variation is entered into

For the term of the regulated mortgage contract or home purchase plan

5MCOB 11.6.60R (6)(c)

Transitional arrangements

Any product fee or arrangement fee financed by any additional borrowing or increase in finance

When new contract or variation is entered into

For the term of the regulated mortgage contract or home purchase plan

5MCOB 11.6.60R (6)(d)

Transitional arrangements

The rationale for each decision to enter into or vary a contract under MCOB 11.7

When new contract or variation is entered into

For the term of the regulated mortgage contract or home purchase plan

5MCOB 11.6.60R (7)

Responsible lending and financing policy

The firm's policy, setting out the factors it will take into account in assessing a customer's ability to pay the sums due

When the policy is made

For so long as any regulated mortgage contract or home purchase plan to which it was applicable remains outstanding

MCOB 13.3.9 R4

Dealings with customers with a payment shortfall, or with a sale shortfall5

5

Details of all dealings with the customer (including a recording of all telephone conversations which discuss any arrears or any amount subject to payment shortfall charges); information relating to any repayment plan; date of issue of any legal proceedings; arrangements made for sale of a repossessed property; and the basis of any tailored information where the loan is for a business purpose.5

45

The date of the dealing4

Three years 4 from the date on which the record is made4