The Banking Code
What is the Banking Code ?
The Code is a voluntary code followed by banks and building societies in their relations with personal customers in the United Kingdom. It sets standards of good banking practice which are followed by those financial institutions subscribing to it. As a subscriber to the Code, the Bank must ensure that all Code requirements are complied with. This revised edition is effective from 1st March 2005.
The Code provides personal customers with valuable protection and explains how financial institutions are expected to deal with them on a day-to-day basis and in times of financial difficulty.
The Code applies to:
- current accounts, including basic bank accounts (section 3)
- savings and deposit accounts, including mini cash and Tessa ISAs; and cash deposit Child Trust Funds (sections 3 and 4)
- payment services, including foreign-exchange services (section 9)
- cards and PINs (section 10); and
- loans and overdrafts (section 13)
The Code does not cover mortgages, investments, insurance, or currency accounts as these as separately regulated by the Financial Services Authority. The Code does not regulate Premium Bonds.
Key Commitments
The standards of the Code are covered by six key commitments; and as a subscriber to the Code, we promise customers that we will do the following:
- make sure that our advertising and promotional literature is clear and not misleading and that they are given clear information about products and services
- when they have chosen an account or service, we will give them clear information about how it works, the terms and conditions, and the interest rates which apply
- we will help them use their account or service by sending regular statements (where appropriate) and we will keep them informed about changes to the interest rates, charges or terms and conditions
- we will deal quickly and sympathetically with things that go wrong and consider all cases of financial difficulty sympathetically and positively
- we will treat all their personal information as private and confidential, and operate secure and reliable banking and payment systems
- we will publicise this Code, have copies available and make sure that our staff are trained to put it into practice
Who are the Banking Code Standards Board (“BCSB”)?
The BCSB are the regulators who ensure that subscribers (e.g. The Co-operative Bank) to the Banking Code adhere to the Code. They continually monitor Code adherence through mystery shopping exercises, themed visits, and by analysing responses to the Annual Statement of Compliance. The Annual Statement of Compliance is a self certification exercise which all subscribers must undertake on annual basis, to confirm their firm’s positioning in respect of compliance with the Code.
Their address and contact numbers are:
Banking Code Standards Board
Level 12
City Tower
40 Basinghall Street
London
EC2V 5DE
Tel: 0845 2309694
Website address: www.bankingcode.org.uk
Code Compliance Officer
We are required by the Banking Code Standards Board to appoint a Code Compliance Officer. The Code Compliance Officer and Deputy Code Compliance Officer reside in CFS Compliance and are responsible for liaison with the BCSB, co-ordination of regulatory visits and cascade of relevant Code requirements to the business areas. Any enquiries should be addressed to Richard Weddell, Code Compliance Officer, The Co-operative Insurance, Compliance Department, 13th Floor, Miller Street, Manchester, M60 0AL.
How to obtain information and copies of the Banking Code:
- Banking Code posters are on display in all Bank branches.
- Personal customers can also pick up a copy of the Code booklet from any of our own branches, as well as any other member Bank or Building Society. Other than this, copies of the Code and the guidance can be obtained from the BCSB, whose contact details are given above.
- You can download a copy of The Banking Code 2008 (PDF - 0.1Mb) from The Banking Codes Standards Board.
- Alternatively you can request a copy of the Code through Telephone Banking, by phoning 08457 212 212.
Information on the Banking Code and copies of the Code are also available from the BBA (including large print, Welsh and Braille versions).
British Bankers’ Association
Pinners Hall,
105 - 108 Old Broad Street,
London, EC2N 1EX
Website Address: www.bba.org.uk
