TDSI Bulletin 26 - 12 March 2008

This bulletin tells you about:

• Forms R85 and R105 – retained images

Please ensure the appropriate people in your organisation read this bulletin.

Enquiries about this bulletin should be addressed to the person named in the email that sent it to you.

Forms R85 and R105 – retained images

An announcement was made in the Budget about the requirement to retain paper (or imaged) copies of forms R85 and R105 – see paragraphs 12 and 13 of the Budget Note.

The requirement for banks and Building Societies to keep copies of the forms will be removed if the bank or building society adopts the non-written procedure of issuing a declaration to the investor. Banks and building societies who adopt this approach will need to transfer all of the details from a written application form on to their systems, send the investor a written confirmation of their declaration and then destroy the signed form.

If banks and building societies wish, they can continue, as now, to store the written application (or an imaged copy of it).

The new rule will be included in the re-written regulations which will be laid later this year.