15/July/2008Banking Code Rules
Changes to Banking Code Rule 5.4
13/September/2007Following the Base Rate increase to 5.75% the BCSB’s SATS system for monitoring interest rates has been updated to reflect the change.
You may now proceed to upload your response to this Base Rate change via the implementation screen.
•Where interest rate changes are on multiple dates but fall within the 60 day period following today’s change, they should be included on a single spreadsheet, dated with the latest date. (e.g. for rates changes made on 1/08/07, 5/08/07 and 12/08/07 – a single spreadsheet dated 12/08/07 should include all changes).
•After uploading your spreadsheet you will receive the ‘upload successful’ message and you will then be able to view your new rates on screen and may check them for accuracy.
•To confirm your changes it is vital that you select ‘implement’ after uploading the data. Failure to do this will result in the changes not being saved. A flowchart diagram of this process is available on the Notice Board of the subscriber area of our website.
•Please note that the final date for implementation is Sunday 2 September 2007 so all rate changes must have been uploaded into SATS by the close of business on the last working day before that, i.e. FRIDAY 31 AUGUST 2007.
We would remind you that the trigger point to issue a downgrading notification is a divergence in the margin against Base Rate, to the customer’s detriment within a rolling 12 month period, is 50 bps.
If you are currently in the process of reloading your rate history or have any new product launches prior to the date of the Base Rate change which have not yet been implemented you should contact your Relationship Manager for further guidance.
SAMS users should update as per instructions from e-Solutions within the same timescales.
If you have any queries regarding the implementation of new rates please contact your Relationship Manager who will be able to help you.
Following the Bank of England Rate change, click here below to view the upload process
for the SATS System