MCOB Sch 1 Record keeping requirements
Handbook reference |
Subject of record |
Contents of record |
When record must be made |
Retention period |
Name of individual who confirmed compliance or approved thefinancial promotion2 , and the date of confirmation 2 |
Date of confirmation or approval |
One year from the date on which the financial promotion2 was last communicated 2 |
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Details of: the medium for which the financial promotion2 was authorised; evidence supporting a material factual statement; evidence to show that any typical APR was representative of business 2 |
Date of confirmation or approval |
One year from the date on which the financial promotion2 was last communicated 2 |
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A copy of the financial promotion2 as finally published 2 |
Date of confirmation or approval |
One year from the date on which the financial promotion2 was last communicated 2 |
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Suitability |
Details of the customer information obtained, including the customer's needs and circumstances, for the purpose of assessing the suitability of a regulated mortgage contract |
When the personal recommendation is made |
Three years |
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Suitability |
An explanation of the reasons why the firm believes the personal recommendation complies with the suitability requirements in MCOB 4.7.4 R (1) |
When the personal recommendation is made |
Three years |
|
Suitability |
An explanation of the reasons why a personal recommendation has been made on a basis other than that described in MCOB 4.7.13 E (1) |
When the personal recommendation is made |
Three years |
|
Scripted questions |
A record of the scripted questions used in non-advised sales |
The date on which the scripted questions are first used |
One year from the date on which the scripted questions are superseded by a more up-to-date record |
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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 |
|
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 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 |
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 year |
MCOB 8.5.22R(1)(a) |
Suitability |
Details of the customer information obtained, including the customer's needs and circumstances, for the purpose of assessing the suitability of a equity release transaction2 2 |
When the personal recommendation is made |
Three years |
MCOB 8.5.22R(1)(b) |
Suitability |
An explanation of the reasons why the firm believes the personal recommendation complies with suitability requirements in MCOB 8.5.4R(1) |
When the personal recommendation is made |
Three years |
MCOB 8.5.22R(1)(b) |
Suitability |
An explanation of the reasons why a personal recommendation has been made on a basis other than that described in MCOB 8.5.17E(1) |
When the personal recommendation is made |
Three years |
MCOB 8.3.1R(1) |
Scripted questions |
A record of the scripted questions used in non-advised sales |
The date on which the scripted questions are first used |
One year from the date on which the scripted questions are superseded by a more up-to-date record |
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 |
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 |
Each offer document issued to the customer |
The date on which the firm issues the offer document to the customer |
One year |
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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 year |
MCOB 11.3.1R(2) |
Ability of the customer to repay advance |
Evidence to demonstrate that the firm has taken into account the customer's ability to repay |
When the assessment of the customer's ability to repay is made |
One year from the date on which the regulated mortgage contract is entered into, or the further advance provided |
MCOB 11.3.4R(2) |
Responsible lending policy |
A record of the firm's written policy setting out the factors the firm will take into account in assessing the customer's ability to repay |
The date on which the policy is set |
One year from the date on which the policy is replaced |
MCOB 13.3.9 |
Dealings with customers in arrears or with a mortgage shortfall debt |
Details of all communicationwith the customer; 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. |
The date on which the customer's account first falls into arrears |
One year from the date on which the relevant payment shortfall or mortgage shortfall debt is cleared |