they don't need to keep agreements for longer than 6 years?!

[ladybird17]

I'm battling with Sainsbury's Bank - sent a S78 in March - have received 2 application forms and they have now written to me saying they cannot locate a copy of the original agreement and quote from letter....

 

"I confirm that the bank is not legally obliged these documents since your account is more than 6 years old"

 

I have now asked them to point me to the law which states this - but they have been unable to do so!

 

Any comments on their "legal obligations" gratefully received!

[ladybird17]

Bump

[dpick]

Hi I dont know the law on this one but the company I used to work for before I retired used to keep all documents for an account until at least 6 years after closure of account. I am not sure of this part but I believe due to statute of limitations and inland revenue.

 

dpick:)

[yourbank]

This may have something to do with the Statute of Limitations.

I am sure there was a thread on here which was to do with the so called 6 year rule which took us all back to a treasury committee report from the early 1970's. I do not think there is any such rule/law which states that documents must be kept for a maximum of 6 years and then destroy them.

[rippedoffagain]

Under tax rules, Companies House & money laundering legislation, they are obliged to keep some documents for six years plus. I don't think they are obliged to keep agreements for any specific length of time, more fool them.