how long do banks have to keep paperwork

nickhowden

:money: We had a morgage with TSB IN 1990 and left in 2000. TSB are now C&G and we are trying to claim our MEAF from them. Unfortunately we do not have any paperwork so unable to give them our morgage number. C&G state that they do not have any records and cannot help us without the number. How long do banks have to keep their paperwork for ?
Nick

homer_j_3

Now you are testing... lol. I think that it is 6 or 7 years for the purpose of claims. Like bank charges etc you can only go back 6 years. The fact of the matter now is that due to computers etc, I believe data will be held much longer but from a legal requirement, I believe 1990 would be a date where we could forgive a company for not having records. If you paid by DD, maybe your bank will have a record of the DD and the ref number - long shot but one I would try

Sola

Under COBS 8.1.4 (the FSA's new Conduct of Business Handbook which came into effect on 1st November 2007), paperwork must be retained for 5 years or the duration of the relationship, whichever is longer. Most banks will maintain records offsite for 10 years or so.

dunstonh

6 years after closure used to be the old date.

I notice Sola mentioend NewCOB. Most companies I have spoken to have made the decision (quite some time ago for many) to hold onto documentation indefinetly. This is due to endowment complaints where the majority have been upheld due to documentation not being present. Not because they were actually mis-sold. So, the 5 year rule is a minimum in reality.

That said, a mortgage from 1990 redeemed in 2000 wouldnt be considered high risk business and worth holding onto docs.