BankingCode.org.uk
Title
Banking Code Standards Board
Description
Our job is to ensure that banks and building societies comply with the Banking Codes. Since our formation in 1999, we have also worked to interpret and develop the Codes.
The role of the monitoring team is to monitor compliance of the Codes by banks and building societies. 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:
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 .
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