An independent review will commence on November 13, 2006 on the Personal and Business Banking Codes which set the standards of good banking practice for financial institutions in the UK. It will acquire views from stakeholders and individuals on the content of the codes in order to improve standards. Revised codes are to be published in March 2008.
The review will be conducted by the independent consultant Mike Young, having been appointed the position to succeed Professor Elaine Kempson, who is now an independent director of the Banking Code Standards Board.
Mr Young will initiate the process by writing to stakeholders to request their view on the banking codes. However, the consultation is open to anyone who wishes to take part. Submissions for the review will be accepted until February 12, 2007.
Paul Smee, chief executive of UK payments association Apacs, said: The review of the codes is integral to their continuing role of providing a transparent and agreed level of service that customers should expect from their banks and building societies. This is an opportunity to revisit the current content of the codes to ensure that they provide adequate and appropriate protection for consumers and businesses.
A review of the banking codes and practice is currently undertaken every three years, sponsored by the British Bankers’ Association, the Building Societies Association and Apacs.