Retail banking conduct of business – FSA tools up

FSA plans to extend its conduct of business regime for retail banking services, notably to deposit-taking, which signals the end of voluntary compliance with the Banking Codes. Robert Finney and Dominic Gilmore of Denton Wilde Sapte look at the details and likely outcome of the proposed framework.

Robert Finney (tel: +44 (0)20 7246 7400, email: robert.finney@dentonwildesapte.com), Dominic Gilmore (tel: +44 (0)20 7246 7672, email: dominic.gilmore@dentonwildesapte.com) © 2008 Denton Wilde Sapte LLP. This document does not constitute legal or other advice.

The FSA published CP 08/19 on a proposed new framework for regulating retail banking conduct of business, especially deposit-taking, on 4 November; the move reflects dissatisfaction with the enforcement powers of the Banking Code Standards Board (BCSB) and the existing, largely self-regulatory model.