Investment business – destruction of files
The Professional Practice Committee believes that files in relation to endowment investment business should be retained until the policy has matured
The Journal, January 2003, page 9
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.
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