The Business Banking Code
What is the Business Banking Code ?
The Code is a voluntary code followed by banks and building societies in their relations with business customers in the United Kingdom. As a subscriber to the Code, the Bank must ensure that all Code requirements are complied with.
Business customers are defined within the Code as, sole traders, partnerships, limited liability partnerships, and limited companies with an annual turnover of under £1 million, as well as associated charities and clubs with an annual income of under £1million.
The Code sets standards of good banking practice which are followed by those financial institutions subscribing to it. This revised edition is effective from March 2008.
The Code provides business 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 does not apply to currency accounts, factoring (invoice services), leasing, asset finance, hire purchase, investments or insurance.
Key commitments:
We promise we will treat you fairly and reasonably when providing you with products and services covered in this Code. We will keep this promise by meeting all of the key commitments shown below.
- We will make sure that our advertising and promotional literature is clear and not misleading and that you are given clear information about our products and services.
- We will give you clear information about accounts and services, how they work, their terms and conditions and the interest rates which may apply.
- We will help you use your account or service by sending you regular statements (where appropriate) and we will keep you informed about changes to the interest rates, charges or terms and conditions.
- We will help you to switch your current account between financial institutions that subscribe to this Code.
- We will lend responsibly.
- 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 your personal information as private and confidential, and provide 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. our Bank) to the Business 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 an 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
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.
- Business 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 Business Banking Code 2008 (PDF - 0.1Mb) from The Banking Codes Standards Board.
- Alternatively you can request a copy of the Code through Telephone Banking.
Information on the Business 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
