DISP App 5.3 General record retention

(1)

 Lenders and credit brokers must retain and preserve records:

1. (a)

    relating to any regulated credit agreement entered into before 28 January 2021;

2. (b)

    which meet the requirements in DISP App 5.1.2R(1)(b) and (c); and

3. (c)

    that are or could be relevant to the handling of existing or future complaints or civil claims relating to discretionary commission arrangements.

(2)

 The requirement in (1) applies:

1. (a)

    regardless of whether a relevant motor finance DCA complaint has been made; and

2. (b)

    in the period beginning with 11 January 2024 and ending with 11 April 2031.

(1)

 Lenders, owners and credit brokers must also retain and preserve records:

1. (a)

    relating to any regulated credit agreement or regulated consumer hire agreement where that agreement, in whole or part, financed the purchase of a motor vehicle, or a motor vehicle was bailed or hired under the agreement; and

2. (b)

    where they are or could be relevant to the handling of existing or future complaints or civil claims relating to the payment (directly or indirectly) of any commission, fee or other financial consideration or remuneration including a benefit of any kind to a credit broker.

(2)

 The requirement in (1) applies:

1. (a)

    regardless of whether a motor finance non-DCA complaint or a relevant motor finance DCA complaint has been made; and

2. (b)

    in the period beginning with 20 December 2024 and ending with 11 April 2031.