New guidance published for FSA banking rules
The detailed guidance outlines how firms can meet the Financial Services Authority’s (FSA) new high level rules for retail banking, which were introduced last month. The guidance retains important provisions from the old Banking Codes, such as helping customers to open basic bank accounts and ensuring they can have an alternative to chip and PIN. It also provides banks and their customers with detailed best practice standards for achieving compliance with the FSA’s rules and principles, such as Treating Customers Fairly.
The guidance was drafted by the former sponsors of the Banking Code and was signed off by the Financial Services Authority earlier this week.
Commenting, British Bankers’ Association (BBA) chief executive Angela Knight said: “This guidance provides welcome clarity for banks: it provides banks and their customers with detailed standards for meeting the FSA’s new rules and offers some continuity with the old Banking Code.
“The industry consulted consumer groups to create this guidance, which helps to indicate how banks and building societies can meet all of the FSA’s requirements and can meet their commitment to treat customers fairly.
“The guidance will be very welcome to the industry, and to customers and consumer groups who will appreciate more detailed explanations of what they can expect under the new rules.”