Stroud Valleys Credit Union Data Retention Policy
Membership Records |
Required by |
Retention Period |
| Register of Members | Industrial & Provident Society Act (IPSA) |
Permanently |
|
Rules and Amendments (as registered with the Financial Services Authority) |
Industrial & Provident Society Act (IPSA) |
Permanently |
|
Receipts for any securities held, securities register and register of contracts of guarantee. |
Industrial & Provident Society Act (IPSA) |
Permanently |
|
Minutes of annual and special general meetings and the meetings of the Board of Directors. |
Industrial & Provident Society Act (IPSA) |
Permanently |
| Members’ Share and Loan Register | Industrial & Provident Society Act (IPSA) |
Permanently |
| Copies of Annual Returns | Regulator |
Permanently |
| Register of bad debts written off | Regulator |
Permanently |
| Complaints |
Regulator (FCA – DISP 1.9.1) Legal evidence |
Complaint resolution + 3 years Retaining these for 6 years would cover the limitation for legal action. |
| Financial Promotions |
Regulator (FCA – COBS 4.11 (3)) Legal evidence |
3 Years after the end of promotion for promotions not involving pensions or life policies. End of promotion + 6 years |
| Call recordings | Regulator (FCA ) | SVCU do not currently record calls |
Anti Money Laundering |
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| Evidence of identity, member transactions, reports of suspicious transactions (internal and external), and training provision | Anti Money Laundering | 5 years after member leaves |
Accounting Records |
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All record appertaining to the accounts of the credit union including:
|
HMRC | 6 Years after the date to which they refer |
| Loan Applications |
Recommended Limitations Act 1980 (E & W) Prescription & Limitation (Scotland) Act 1973 |
6 years after loan is repaid 5 years in Scotland |
| Financial implications of making a subordinated loan (to another credit union) | Regulator (PRA – credit union rulebook 3.15) | 5 years |
| Investment decisions | Regulator (PRA – credit union rulebook 6.6) | 5 years |
Personnel |
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| Senior Management Arrangements Systems and Controls | Regulators | 6 years after the Senior Manager has been superceded |
| Employer’s Liability Certificate | HSW | 40 years |
| Application forms/interview notes for unsuccessful candidates |
Guideline retention period in case of discrimination challenge www.acas.org.uk |
1 year |
| Disciplinary, working time and training, redundancy details |
Recommended www.businesslink.gov.uk |
6 years after employment ceases |
| Information pertinent to Regulatory References (see guide here under ‘records’) | Regulators (PRA – Fitness and Propriety 5.5) | 6 years except in cases of serious misconduct (indefinite) |
| Employee details and records |
Recommended Limitations Act 1980 (E & W) Prescription & Limitation (Scotland) Act 1973 |
6 years after employment ceases |
| Trade union agreements |
Recommended www.businesslink.gov.uk |
10 years after agreement ceases |
| Volunteer records | No clear guidelines but the credit union should follow data protection requirement that data should not be kept longer than for the purpose for which it was taken. | |
Health & Safety |
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| Accident Reports | HSW Act | Three years after date of last entry. There are specific rules on recording incidents involving hazardous substances. |
| Health & Safety Consultations | HSW Act | Permanently |
Records that may be routinely destroyed |
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Notices and acknowledgements of meetings and events. Messages on post it notes and paper, message slips, duplicate documents such as CC and FYI copies, unaltered drafts, working papers not required to retain together with final official document, reference materials no longer required, superseded address lists or contribution lists. |