Lost Document?

Capricorn01

“Document Retention

According to sections 221 and 222 of the Companies Act 1985, a public company is required to maintain records for a period of six years (section 222(5)(b).

As a loan agreement is active until the agreement is terminated, I would suggest that all the payment records (and other documents making up the file - including the agreement/application etc) would be "live" until the account is paid, or terminated - thus, the full file should be retained for at least six years after that.

marshallka

dunstonh wrote: »

There is no doubt that the banks are using the data protection act to their advantage. However, you can't blame them. You would in their shoes.

They will hold some documents longer (some are required to be). However, the DPA gives them a great get out clause.



Please state which law you believe requires this as I (and others) are not aware of any such law.

I cannot believe that anyone would actually agree with the banks doing this. Surely as a financial advisor yourself you would always want to look after the best interests of your clients dunstonh and to actually agree and say you cannot blame them is like saying "whatever you can get away with is right"? Its not right and its not fair to not let someone have a chance at complaining. IF it turns out that the complaint is not valid then fair enough but people should not be shunned away from doing so with what seems like lies. I would not like my IFA to have an attitude like that TBH.


Surely they must keep records for TAX purposes

2.4 How long must I keep records?

Generally, you must keep all your business records for VAT purposes for at least 6 years. Records that you use for other tax purposes may need to be kept for longer periods.
If the 6-year rule causes you serious storage problems or undue expense, or you need advice on records for other types of tax, then you should consult our advice service. We may be able to allow you to keep some records for a shorter period.


http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&propertyType=document&id=HMCE_CL_000099#P61_5152

Capricorn01

This interpretation fits in with Inland Revenue legislation that requires prime documents to be retained for a period of six years - AFTER THE END OF THE RELEVANT ACCOUNTING PERIOD.

That would mean some files need to be retained for up to seven years. The relevant legislation is found in Schedule 18 of the Finance Act 1998 (paragraph 21) - of particular significance is sub-paragraph (6) which states:

"The duty to preserve records under this paragraph includes a duty to preserve all supporting documents relating to the items mentioned in sub-paragraph (5)(a) and (b)."

Finally, key documents/application forms etc must be kept until 5 years after that business relationship has ended. This is a requirement of The Money Laundering Regulations 1993, 2003 and 2007. “

http://www.lawsociety.org.uk/productsandservices/practicenotes/aml/454.article#h3spprecs

dunstonh

“Document Retention

According to sections 221 and 222 of the Companies Act 1985, a public company is required to maintain records for a period of six years (section 222(5)(b).

That has nothing to do with retail consumer documents though.

This interpretation fits in with Inland Revenue legislation that requires prime documents to be retained for a period of six years - AFTER THE END OF THE RELEVANT ACCOUNTING PERIOD.

again, nothing to do with it.

Finally, key documents/application forms etc must be kept until 5 years after that business relationship has ended. This is a requirement of The Money Laundering Regulations 1993, 2003 and 2007. “

Not applicable to you.


The Data Protection Act says that information should be kept for no longer than is necessary. There is no timescale set on a minimum retention. The FSA and HMRC require some documents and transactions to have a longer period of record holding. However, those areas are defined.

I cannot believe that anyone would actually agree with the banks doing this. Surely as a financial advisor yourself you would always want to look after the best interests of your clients dunstonh and to actually agree and say you cannot blame them is like saying "whatever you can get away with is right"? Its not right and its not fair to not let someone have a chance at complaining. IF it turns out that the complaint is not valid then fair enough but people should not be shunned away from doing so with what seems like lies. I would not like my IFA to have an attitude like that TBH.

I am just stating that they are doing nothing wrong. No laws are being broken and if a consumer was in the same position, they would no doubt do the same.

marshallka

dunstonh wrote: »

That has nothing to do with retail consumer documents though.



again, nothing to do with it.



Not applicable to you.



I am just stating that they are doing nothing wrong. No laws are being broken and if a consumer was in the same position, they would no doubt do the same.

With an attitude like that dunstonh no wonder this country is like it is. I was not a fan of a consumer getting out of agreements if they can but by god I am now. Its a dog eat dog world by the looks of it and I HOPE and PRAY that them taking banks to court actually get out of repaying the whole agreements. After all the PPI is sold and often its sold by deception and the loan that paid the PPI was entered onto the agreement so technically the whole agreement is wrong. That is how the banks work it when they remove the PPI.

The banks are wrong and have been wrong (morals) all along and they are just getting away with it because they can.

dunstonh

marshallka wrote: »

With an attitude like that dunstonh no wonder this country is like it is. I was not a fan of a consumer getting out of agreements if they can but by god I am now. Its a dog eat dog world by the looks of it and I HOPE and PRAY that them taking banks to court actually get out of repaying the whole agreements. After all the PPI is sold and often its sold by deception and the loan that paid the PPI was entered onto the agreement so technically the whole agreement is wrong. That is how the banks work it when they remove the PPI.

If you believe that then let the people take them to court and if the court agrees then so be it. However, if the law is not being broken then so be it.

Capricorn01

Are you sure you don't work for a bank dunstonh, you seem to be very biased...

Let's not forget just how much the banks have fleeced us all with their dirty underhanded dealings, which affect the vunerable more than anyone else in society!

Dishonesty is their game, runs through them like a stick of rock!

Capricorn01

Also, look at the bonuses paid to their staff and the rewards given when they sold PPI to unassuming people who thought the banks were doing right by them!

Morals... they don't know the meaning of the word.

dunstonh

Are you sure you don't work for a bank dunstonh, you seem to be very biased...

I am looking at it without any emotion or bias. I'm afraid you are looking at it from someone looking to get money back. You are making up laws or using irrelevant guidelines from unrelated areas. The bias is not with me. Its with you.

If there was such a law that forced them to keep documents then I would say it.

Let's not forget just how much the banks have fleeced us all with their dirty underhanded dealings, which affect the vunerable more than anyone else in society!

I don't disagree with how the banks can act at times. However, they have not fleeced as all and not everything they do is wrong. I don't like a number of things the banks have done. However, they also take a lot of flack in areas that they do not deserve it.

Where they have done wrong, they should be taken to task. If they have done nothing wrong in an area then so fair enough.

Also, look at the bonuses paid to their staff and the rewards given when they sold PPI to unassuming people who thought the banks were doing right by them!

Staff are typically paid below the national average wage and the bonuses are pretty small and usually paid if branch hits target rather than individual. The sales culture in banks has certainly led to mis-selling but it doesnt mean they all did.

Capricorn01

Yes, I am very bias, and yes, I do want my money back. I am not making up my own laws, thats a rather silly remark.

As for retaining data, banks must keep records for Inland Revenue purposes. What about microfiche format, data can be sufficiently held on them for many years, hence, there would be no good reason for getting rid of data before 6 years.

If data goes missing from a bank, then it is because something was not quite right with it and as HFC purposely destroyed 1000's of their data...ask the question why?