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Guidance on bank account rules 'very welcome'

10 December 2009 16:42:03

The FSA has taken over regulation of bank accounts. image
The FSA has taken over regulation of bank accounts.
Bank account providers published guidance on new industry regulations today (December 10th).

The Financial Services Authority (FSA) rules, which replaced the old Banking Code last month, could result in a general improvement to customer service.

Organisations including the British Bankers' Association (BBA) drafted the guidance, which will be used by financial firms to check their compliance with the regulations.

Included in the FSA rules is a requirement for bank account providers to refund unauthorised transactions to customers, unless the provider can give a "good reason" for not doing so.

More information about a financial product or service is also now provided by banks to customers at point of sale.

Under the Banking Code, only "limited" information needed to be given.

Commenting on the publication, BBA chief executive Angela Knight said: "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."

Credit card lending is not covered by the FSA rules.

Instead, regulations for these payments are provided by the Consumer Credit Act.ADNFCR-2196-ID-19506509-ADNFCR ADNFCR-2196-ID-19464191-ADNFCR

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