timescales re keeping information

gaileyh

Hello everyone,

Im sure this question has been asked a thousand times but.... how long do banks have to keep details of the loans and protection plans you have taken out with them? Also is there any legislation/guidance about this.

I recently wrote to Lloyds TSB about a loan I settled early seven years ago. I was a fulltime student at the time but was advised to have PPI which I duly signed up for. Lloyds have written back advising that they cant investigate my claim because they no longer have any records. Is this correct?

Thanks in advance

dunstonh

how long do banks have to keep details of the loans and protection plans you have taken out with them?

There are no requirements to keep any documentation. The data protection act works on the basis of how long you can hold docs as a maximum. Not how long as a minimum that you should hold on to docs.

Also is there any legislation/guidance about this.

No.

I recently wrote to Lloyds TSB about a loan I settled early seven years ago. I was a fulltime student at the time but was advised to have PPI which I duly signed up for. Lloyds have written back advising that they cant investigate my claim because they no longer have any records. Is this correct?

That seems fair enough. 6 years after closure is the typical norm.

gaileyh

Thank you for your reply, even if it wasnt what I wanted to hear.

PaulinWeston

Dunstonh is totally correct in what he says. Can I just add that I've recently done some 'digging' about this too. If you speak to the information commissioners office, they may tell you (as they did me) that, because your "information" is related to a financial matter - it's worth also asking the FSA about your request (because they require data to be kept generally longer than the data protection act does). When I spoke to the FSA, they told me that it was 'possible' that a company may be required to keep information longer - but needed exact details to give me a definite answer (which as I was only making a general enquiry, I couldn't give).

The FSA also suggested that in addition to the compliance required by them and the Information Commissioner - there may be additional 'protection' from Trading Standards.

So....... if you want to investigate, there are a few avenues to try.... but I 'suspect' that your efforts may not produce the result you want.

Hope this helps

dunstonh

When I spoke to the FSA, they told me that it was 'possible' that a company may be required to keep information longer - but needed exact details to give me a definite answer (which as I was only making a general enquiry, I couldn't give).

That is correct. I for example, hold all documentation indefinitely. These are based on guidelines issued. Where you or your company have a potential liability, that is sufficient justification to hold on to all documentation required to protect yourself.

However, the FSA itself does not insist on any timescale and leaves it down to the companies themselves to decide. (typical FSA pass the buck. We wont tell you whats best, you will have to wait until we fine a company for interpreting our guidelines wrong).

Significant numbers of endowment complaints were upheld on the basis of missing documentation. When data protection first came in, everyone was a bit scared of it and loads of companies went around destroying records over 6 years old. So, when the endowment complaints came, they had no files or partly incomplete files and could not justify their advice. With regulated advice, the adviser is often considered guilty first unless they prove otherwise. However, that is regulated advice which is higher level than loan PPI. Regulated advice has no time bar with the FSA complaints process (except those set by the FSA) although it would in the courts. The same will almost certainly apply to other areas of financial services.

gaileyh

Thank Paul and Dunstonh,

Is it worth me making a SAR request too? The thing is the bank still has details of the career development loan on their computer system so surely they would also have details on regarding the amount and that I paid PPI on it. Isnt that enough information given that I can prove I was a fulltime student at the time and consequently the PPI was invalid? Im just so disgusted that I was so blatantly ripped off and they can get away with it.

Thanks in advance

di3004

Hi there

Template letter (SAR) here. Good luck.;)
http://forums.moneysavingexpert.com/showthread.html?t=1475553

gaileyh

Thanks Di,
They wouldnt lie about not having information that they actually do possess would they? Should the letter they sent me have said that it was there final decision? If it doesnt, does that mean that they are just trying it on?

di3004

gaileyh wrote: »

Thanks Di,
They wouldnt lie about not having information that they actually do possess would they? Should the letter they sent me have said that it was there final decision? If it doesnt, does that mean that they are just trying it on?

I think it will all be okay, however if you feel that not everything is sent you can write back to mention this, there is another SAR letter template (follow up) about somewhere if it comes to it.
I will try to find this for you.......if needs to be.;)