BSCB has responded to FSA’s consultation on regulation of retail banking conduct of business. It has a few big concerns:
- the future of the non-FSA regulated aspects of the Banking Code. It feels the credit provisions of the Code would be left in a hiatus and BCSB could not survive in its present form;
- OFT and BCSB are keen to work together to set detailed conduct of business requirements for credit activities;
- the planned implementation date does not leave enough time to address non-FSA issues; and
- no-one will police day-to-day compliance with guidance in the same way BCSB currently does.
