Retention of Records

raspberry

Registered User
Messages
8
Hi
How long do (should) banks retain supporting documentation records for.

Example: Mortgage application. I can understand that the credit/loan agreement needs to be kept on record for at least the life time of the mortgage, but such documents that may have been submitted to support the original application. e.g. Proof of earnings, wage slips, evidence of savings etc. Do the bank keep these indefinitely or do these documents need to expire in line with Data Protection guidelines.

Ive tried getting this info from the bank and Data Protection office but no joy. Other than the bank sending me to their website to send an email which I have done, but I would like to know this today (if possible) and their is a 3 working day wait for an email.

Thanks.
R
 
Up until recently there was an embargo in place on banks on the destruction of most bank records due to the various Tribunals in place, That was lifted in 2015 and most banks have had a cull of records since then, mainly because they were spending a small fortune warehousing paper.

Each bank will have it's own data retention policy but in a lot of cases they will hold a paper record for up to 3 years and then a digital copy of it for 6-7 years. I would expect things like mortgage applications and supporting documentation would be held longer.
 
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