ICOBS Sch 1 Record keeping requirements

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.

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

3ICOBS 6B.2.51R, ICOBS 6B.2.52R and 3

Record of compliance with non-discrimination requirements and treatment of existing customer requirements

Details of the firm’s assessments and controls that ensure that the firm is not systematically discriminating against customers of longer tenure and that its treatment of existing customers is in their best interests

Not specified

Not specified