Fact File

  • Funding
  • Independence
  • The Banking Code Rules
  • Government Regulations

Funding

The BCSB is sponsored by the British Bankers’ Association (BBA), The Building Societies Association (BSA) and the Association for Payment Clearing Services (APACS). Subscribing banks and building societies fund the BCSB by paying an annual subscription based on their size. Its budget is 1.5 million for the current year. Fee levels have been reduced in each of the last two years.

Independenceimg

The BCSB has a powerful board of directors, the majority of whom must be independent.

The Banking Code Rules

The BCSB has Rules that provide a contractual relationship with subscribers. These rules cover issues such as disciplinary procedures and penalties.

Government Regulation

The BCSB is not part of Government or statutory regulation. It is committed to making a real success of self-regulation by the industry. It complies with the guidelines of the OFT, the Better Regulation Task Force and the National Consumer Council. The Treasury appointed a Review Group in 2001, chaired by the distinguished economist Dr DeAnne Julius, who said “There is a broad concensus that service standards in banking can be effectively dealt with by self-regulation… Many feel that the Banking Code, whilst not perfect, is an exemplar of self-regulation”