ABOUT US

WHO ARE WE?

The BCSB was formed in 1999 and has a number of key objectives:

• to assist financial service firms to interpret and meet the requirements of the Banking and Business Banking Codes
• to monitor and enforce compliance with the Codes and take disciplinary action for material breaches
• to identify any gaps and deficiencies in the Codes that could lead to consumer detriment and to advocate change
• to ensure all significant providers of retail banking services subscribe to the Codes

The Banking Code is now in its eighth edition and the Business Banking Code, which protects business customers with turnover of less than £1 million, in its fourth. Both Codes are reviewed on a triennial basis by an external independent Reviewer.

WHAT DO WE DO?

The Codes cover those products and services that allow consumers to manage their daily financial needs - current accounts, personal loans and overdrafts, savings, card services and ATMs. The Codes and the associated Guidance contain Key Commitments and detailed rules on how customers should be dealt with through the whole product life cycle, from marketing and account opening, maintenance and the provision of information on changes to terms, conditions and interest rates, and account closure and switching. Important protection is also included to help when something goes wrong, including when someone is experiencing financial difficulties.

WORKING WITH OTHER STAKEHOLDERS

We recognise that we can be far more effective working in harness with other bodies who are involved in consumer protection and banking regulation. We have regular contact with consumer bodies and the money advice sector, and information based on their experiences and research is a key source for us in planning our own work.

For the benefit of both the banking industry and its customers, we work closely with other regulators, particularly the Financial Services Authority and the Office of Fair Trading. The aim of the co-operation is to prevent either gaps in regulatory coverage or unnecessary duplication. We have entered into a Memorandum of Understanding with the FSA, setting out the arrangements for co-operation in relation to deposit taking products that are covered by the Banking Codes.

We also maintain close contact with the Financial Ombudsman Service, with whom we have put in place an agreed Statement of roles and responsibilities.

BOARD & EXECUTIVE

The Board consists of up to ten directors; five public interest directors, an independent chairman, the chief executives of the three sponsoring trade bodies and the chief executive of the BCSB.

Board members at 1 April 2008