Endowment and Investment Business – Destruction of files
In January 2003 a Practice Note from the Professional Practice Committee in respect of retaining files in relation to endowment business was published. The matter has been reviewed by the Committee who have agreed that firms should retain all files in relation to endowment business until such times as the policy in question would have matured whether or not it has been surrendered beforehand. This replaces the Practice Note published in January 2003.(See Below)
April 2006
2003 Practice Note - Superceded April 2006
The Professional Practice Committee has recently considered the question of how long a solicitor should keep a file where advice has been given about an endowment policy whether or not taken out in conjunction with a mortgage. This issue has been considered as a result of an increasing number of complaints being received by the Client Relations Office about the advice given by solicitors at the time endowment policies were taken out.
The view of the Professional Practice Committee is that all firms should retain all files in relation to endowment investment business until such time as the policy in question has matured.
January 2003
