Happy birthday Banking Code
March 17, 2007 by admin
Filed under News, News-Banking
Today (March 16th) marks the 15th anniversary of the UK Banking Code.
The code is voluntary but sets out the standards for good banking practice which financial institutions should use as guidelines when dealing with customers.
Once a financial institution has subscribed to the code its compliance with what is set out in it is monitored by the Banking Code Standards Board and the code itself is monitored by regulators and consumer groups to ensure that it is up to date and fair.
This regulation, says the British Bankers’ Association (BBA), is what makes the code so strong.
“Whether they’re saving or borrowing, customers deserve a fair, transparent and responsible service,” said Angela Knight from the BBA.
“As one of the three trade associations sponsoring the Banking Code we are proud to be celebrating its 15th birthday.
“The members of our three trade associations include banks, building societies and credit card issuers so we see the issues that are affecting our customers and we see how the industry responds. The Banking Code gives us a way of setting real obligations and real benefits for customers,” she added.
The code, which is jointly owned by the BBA, the Building Societies Association and Apacs, the UK payments association, is formally reviewed every three years.
