UK Banks Pledge to Work with FSA on Banking Code Reform
The latest steps in the regulatory process to pass responsibility for the Banking Code to the Financial Services Authority (FSA) have the full support of the UK’s banks, said the British Bankers’ Association (BBA). The measures announced by the FSA confirm customers will continue to receive a straightforward leaflet which explains what the code does and what to do if they have concerns – a particular aim of the BBA.
The Banking Code is currently a voluntary code that sets the standards of good banking practice for banks and building societies to follow when they are dealing with personal customers in the UK. The latest edition, published in March 2008, contained an enhanced promise treat customers fairly and responsibly.
BBA chief executive, Angela Knight, said: “When the latest changes to the content of the Banking Code where made last year, the BBA announced that it was asking the FSA to take over the regulation of its content. The Banking Code has done good service but now covers a lot more than when it started. People want certainty and so now is the time to transfer these rules to the main financial regulator. We are pleased at the progress that has been made and are keen to continue working with the FSA to complete this important piece of work.”