How long do PTRS records need to be kept?

Quick answer

Information used to prepare a Payment Times Report must be retained for seven years.

What does this mean?

The seven-year record-keeping requirement applies to the information used to prepare the report, including the data and methods used to classify payments, assumptions and interpretations, and documentation relating to governance and approval processes.

Practical point

The retention requirement goes beyond keeping a copy of the submitted report. You should be able to explain how the underlying payment population, exclusions, classifications and calculations were produced.

Other ways people ask this

• How many years do I need to keep PTRS records?
• Can I delete the working files after submitting the report?
• Does the seven-year rule apply to the underlying PTRS data?
• What evidence might the Regulator ask to review later?

Official sources

• Payment Times Reporting Guidance Materials
  Record keeping
  Paragraphs: 227, 228, 229 · Page: 53

Related guidance

• What records should I keep for PTRS?
• Who needs to approve a Payment Times Report?
• What data do I need to prepare a Payment Times Report?

Preparing a Payment Times Report?

Monochrome Compliance can help with the data preparation, validation, reconciliation and reporting process.

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