The Banking Conduct Regime

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The Banking Conduct Regime is one of two major regulations which were brought forth by the Financial Service Authority (FSA) on November 1st, 2009. It was introduced to replace the Banking Code Standards Board’s industry owned codes – the Banking Code and the Business Banking Code – and their non-lending aspects. The Banking Conduct Regime is now implemented onto the processes of accepting deposits, payment transactions, and certain aspects of payment accounts.

Some of the benefits of the Banking Conduct Regime include:

By looking at these benefits, it is evident that the new Banking Conduct Regime is all about providing more benefits to customers. To ascertain this, the FSA has announced that it will monitor and forcefully implement Principle 6, which indicates that a firm should pay more attention to the interest of its clientele and make sure to treat them fairly.

Further reading: Corporate Governance | Audit | Performance Improvement

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