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British Bankers Association Latest News

MARKS & SPENCER FINANCIAL SERVICES PLC

The Board has approved the application of Marks & Spencer Financial Services plc to the Banking Code.

INVESTEC BANK (UK) LIMITED

The Board has approved the application of Investec Bank (UK) Limited to the Banking Code.

CASH MACHINE CHARGES: THE ROYAL BANK OF SCOTLAND GROUP


We have recently concluded discussions with The Royal Bank of Scotland Group (RBS) about the requirement, in paragraph 5.10 of the Banking Code and paragraph 5.13 of the Business Banking Code, to show cash machine charges (where they have been incurred) on bank statements, so that the charges can be identified separately from the amount of cash withdrawn.

RBS have informed us that, owing to the system changes involved, they cannot firmly commit to providing the required information on statements before 31 December 2006. RBS have agreed to this notice being placed for information on the BCSB website and they are placing notices on their own websites explaining the situation to customers.

This dispensation extends for a maximum of six months from the new Codes taking effect, ie until 30 September 2005.

BANKING & BUSINESS BANKING CODES - MARCH 2005

Order copies of the Banking and Business Banking Code publications by clicking on the link below or calling the British Bankers Association order line on 0207 216 8816 or 0207 216 8890. Code, Flyer and Guidance

BCSB USER GROUP

Purpose

The User Group provides a sounding board for the BCSB executive by ensuring that practioners' views are heard at an early stage in policy development. Communications are two ways: practitioners will feed back their concerns; the BCSB will consult on their ideas. The User Group have no executive responsibility and are not intended to replace or supplant the relationship that the BCSB has with the trade associations.

Composition of the Group

There are 13 members who provide a representative balance of the BCSB's overall subscriber base. Thus, we have representatives of small and large institutions, banks and building societies, branch based subscribers and those using other delivery channels. On occasion, there might be a need to create a working party from members of the User Group to discuss specific issues, when we might also co-opt representatives of other subscribers. Practical experience is key in the choice of members.

Meetings

We aim to have two or three meetings a year, normally in London, though other meetings could be held if required. Meetings will be chaired by the BCSB's Chief Executive or Compliance Director and the BCSB will also provide secretarial support. BCSB Directors and representatives of the trade associations will also attend.

Current Members

Abbey National plc
Alliance & Leicester plc
AIB Group (UK) p.l.c
Co-operative Bank p.l.c
The Cyprus Popular Bank Limited
HSBC Bank plc
Lloyds TSB Group plc
Mansfield Building Society
MBNA Europe Bank Limited
Morgan Stanley Bank International Limited
Portman Building Society
Skipton Building Society
Stroud & Swindon Building Society

The Banking Code is a voluntary code which sets the standards of good banking practice for banks, building societies and credit card companies to follow when they are dealing with personal customers in the United Kingdom. As a voluntary code, it allows competition and market forces to work to encourage higher standards for the benefit of customers. The first Banking Code was introduced in December 1991 and the latest Code, the seventh, took effect from 1 March 2005. The Banking Code is sponsored by the British Bankers’ Association, the Building Societies Association and APACS.