MCOB Sch 1 Record keeping requirements
Handbook reference |
Subject of record |
Contents of record |
When record must be made |
Retention period |
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 |
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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 |
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A loan solely for a business purpose |
Business plan |
When it is used or obtained |
Three years from when obtained or, if later, used |
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Evidence of satisfaction of definition of professional customer |
When it is used or obtained |
Three years from when obtained or, if later, used6 |
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Disclosures |
Appropriate records of disclosures required by section MCOB 4.4A |
When disclosure made |
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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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Suitability of regulated mortgage contracts |
Customer information obtained for the purposes of assessing suitability of a regulated mortgage contract |
When advice given |
Three years |
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Suitability of regulated mortgage contracts |
An explanation of why the firm has concluded its advice is suitable |
When advice given |
Three years |
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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 |
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Suitability of regulated mortgage contracts |
An explanation of why the firm has not recommended a cheaper regulated mortgage contract |
When explanation given |
Three years |
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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 |
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The warning to the customer regarding their7 lack of protection of the rules on assessing suitability |
The date a regulated mortgage contract was entered into or arranged |
Three years |
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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 |
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Details of advice rejected. |
The date a regulated mortgage contract was entered into or arranged |
Three years |
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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 |
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The firm's policy for managing execution-only sales |
When the policy is made |
One year from when the policy is changed |
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Suitability of home purchase plans |
Customer information obtained for the purposes of assessing suitability of a home purchase plan |
When advice given |
Three years |
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Suitability of home purchase plans |
An explanation of why the firm has concluded its advice is suitable |
When advice given |
Three years |
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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 |
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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 assessed suitability5 5 |
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 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 |
Suitability of equity release transactions |
Customer information obtained for the purposes of assessing suitability of an equity release transaction |
When advice given |
Three years |
|
Suitability of equity release transactions |
An explanation of why the firm has concluded its advice is suitable |
When advice given |
Three years |
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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 |
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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 |
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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 |
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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 year5 |
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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |