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You are viewing the version of the document as on 2024-12-23.

DISP App 5.3 General record retention

DISP App 5.3.1R
  1. (1)

    1Lenders and credit brokers must retain and preserve records:

    1. (a)

      relating to any regulated credit agreement entered into before 28 January 2021;

    2. (b)

      which meet the requirements in DISP App 5.1.2R(1)(b) and (c); and

    3. (c)

      that are or could be relevant to the handling of existing or future complaints or civil claims relating to discretionary commission arrangements.

  2. (2)

    The requirement in (1) applies:

    1. (a)

      regardless of whether a relevant motor finance DCA complaint has been made; and

    2. (b)

      in the period beginning with 11 January 2024 and ending with 11 April 20262.

DISP App 5.3.1AR
  1. (1)

    3Lenders, owners and credit brokers must also retain and preserve records:

    1. (a)

      relating to any regulated credit agreement or regulated consumer hire agreement where that agreement, in whole or part, financed the purchase of a motor vehicle, or a motor vehicle was bailed or hired under the agreement; and

    2. (b)

      where they are or could be relevant to the handling of existing or future complaints or civil claims relating to the payment (directly or indirectly) of any commission, fee or other financial consideration or remuneration including a benefit of any kind to a credit broker.

  2. (2)

    The requirement in (1) applies:

    1. (a)

      regardless of whether a motor finance non-DCA complaint or a relevant motor finance DCA complaint has been made; and

    2. (b)

      in the period beginning with 20 December 2024 and ending with 11 April 2026.

DISP App 5.3.2E

1The following will be relevant records for the purposes of the requirements3 in DISP App 5.3.1R and 5.3.1AR3:

  1. (1)

    the regulated credit agreement or the regulated consumer hire agreement3;

  2. (2)

    records of the commission and/or remuneration3 arrangements relating to the regulated credit agreement or the regulated consumer hire agreement3;

  3. (3)

    records of the payment (directly or indirectly) of3 any commission, fee3, other financial consideration or remuneration including a benefit of any kind3 paid to the credit broker in connection with the regulated credit agreement or the regulated consumer hire agreement3, including details of its structure, amount3 and calculation;

  4. (4)

    customer files and records, including any agreement setting out the nature of the services offered, any customer transactions and payments; and

  5. (5)

    communications with the customer.