2005 NR SPO - payments missed now Bailiffs Possession warrant - **WON NEW SPO**

[MrZ]

Does anyone know of any statute, regulation, or guidance on the time period a lender is required to hold your data?

 

For example, I recall reading somewhere that the requirement is to hld the data for a period of 6 years after the agreement ends.

 

Can anyone confirm this?

 

Is there any requirement about holding data for LIVE agreements?

[citizenB]

According to the Money Laundering/Tax laws they are supposed to keep the data for 5/6 years after the "Financial Relationship" has ended.

 

The Information Commissioner sits on the fence by stating "it need only be kept as long as necessary".

 

Prior to 2006 (around the time that people started to claim Bank Charges), you could obtain Data back to the beginning of time. When people started demand SARs in order to reclaim the Bank Charges, all of a sudden Data was only kept for 6 years !! go figure.

 

Some banks are not being strictly honest with their claims to only keep the data for 6 years. Barclay Card and MBNA have produced Data older than 6 years, so has HSBC when put under pressure.

 

If your Bank claims not to have data older than 6 years, and then at a later date "suddenly" find something for say a court claim.. then you could probably take some kind of action against them.

[MrZ]

 

Yes, this is the impression I had myself but can not find the actual Act or regulation to refer to. In my case this is a LIVE account and the lender is relying on the lack of documentation as part of their defence. I want to be able to argue that their lack of documentation is further evidence of their negligence as a lender.

 

Any chance you have the Title of the Act or Regulation that I can look up on the legislation.gov.uk website?

 

UPDATE: Found it! Its Part 3 section 19 of the Money Laundering Regulations 2007 http://www.legislation.gov.uk/uksi/2007/2157/regulation/19/made

 

Thank you CitizenB for the tip!

 

But this brings one further question, is there any other requirement aside form the Money Laundering Act? I expect they will argue that as there was no suspicion of money laundering that the act wouldn't apply...of course this is nonsense, but any other statute or law with a similar requirement would be helpful.

[citizenB]

TBH, I really don't know MrZ.

 

I will ask other members of the St to see if they have any ideas

[42man]

This might be useful - http://www.fsa.gov.uk/pubs/staff/retention.pdf

[MrZ]

Very handy 42man, cheers!

[ceiralennon]

How have things progressed with this?

 

I have set up an action group called nram action group org uk. This is for all disgruntled customers and we are working on a press release to highlight all the issues with them.

 

The website is only a week or so old and have attracted a large response, we have plenty content still to add as it was initially set up to try and get our redress paid back directly and not on to the loan.

[applecart]

Yes, some time ago I obtained copies of the info from the Land Registry.

 

Have NRAM executed the deed?

 

Apple