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 |
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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 |
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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One year from the date on which the scripted questions are superseded by a more up-to-date record |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 |
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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 reached a conclusion on affordability and appropriateness |
Five years, or one year after the end of the fixed term of the tenancy agreement, if later |
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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 |
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 |
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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 |
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 |
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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 |
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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 |
Dealings with customers in arrears or with a mortgage shortfall debt |
Details of all dealings (including a recording of all telephone conversations) 4with 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 of the dealing4 |