The Banking Code Standards Board Web Site
The mission of the BCSB is to ensure that the Banking Code and the Business Banking Code deliver their promises of fair dealing and standards of good banking practice to the customers of UK banks and building societies.
Banking Code Standards Board, 6 Frederick’s Place, London, EC2R 8BT
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The Role of the BCSB
Our job is to ensure that banks, building societies, forex brokers and binary options brokers, comply with the Banking Codes. Since our formation in 1999, we have also worked to interpret and develop the Codes.
How do we check on compliance?
The role of the monitoring team is to monitor compliance of the Codes by banks and building societies with the help of different tools like asset management software and custom analysis platforms. The team generally work from home and carry out visits throughout the UK. Their reports assess the extent of compliance of each subscriber. Adverse reports are followed up to ensure matters have been corrected. In some cases disciplinary action will be taken. Each of them acts as Relationship Manager to 30 or 40 institutions and will be a focal point for advice when needed. They ensure that financial institutions are putting the Code into practice on the ground by monitoring their conduct through:
- a self-certification questionnaire, the Annual Statement of Compliance, signed by chief executives
– Annual Statement of Compliance 2005 Part 1
– Annual Statement of Compliance 2005 Part 2 (Banking Code)
– Annual Statement of Compliance 2005 Part 3 (Business Code)
- detailed compliance visits by our own staff.
These compliance visits:
- are tailored according to the size and complexity of the organisation
- review high level compliance controls
- check details of sales documentation
- include visits to a sample of sales outlets and administration departments
- market research activities, including ‘spot checks’ through mystery shopping
- monitoring the media, complaints to our Helpdesk, etc.
What if there are problems?
We refer allegations of breaches of the Codes to the bank or building society concerned to take appropriate action. The Codes require subscribers to have their own procedures for handling complaints fairly and speedily. In the event of serious failings, the BCSB uses its disciplinary powers .
Can the BCSB help with my complaint?
Generally it is best to go through the formal complaint procedures of your bank or building society. If you do not accept the final response given, or there is no final response within eight weeks, you can then pursue your claim through the Financial Ombudsman Service