Certificate In Mortgage Advice And Practice (CeMAP) 1 Practice Exam

Mortgage advice records should be retained for how long?

Typically six years or more One year Ten years Indefinitely

Correct Answer:

Typically six years or more

Explanation:

Recording mortgage advice for a sufficient period is about regulatory compliance and having a clear audit trail. In the UK, firms typically must keep client files for a minimum period after advice is given, commonly six years or longer. This duration supports handling any future questions or disputes, and it aligns with general limitation periods for bringing claims (often around six years). It also ensures there’s enough evidence if regulators or the client later review the advice journey. So, keeping records for six years or more reflects standard practice, rather than a shorter period like one year, a much longer indefinite retention, or ten years unless specific circumstances require it.

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