The British Bankers’ Association (BBA), Building Societies Association (BSA) and Payments UK recently published updated guidance for the FCA’s Banking Conduct of Business Sourcebook (BCOBS). The main sections that have been updated relate to basic bank accounts, the Access to Banking Protocol and account switching.
The guidance is voluntary, however the FCA has confirmed that it will take the guidance into account when exercising regulatory functions. The guidance sets out minimum standards which firms can adopt to comply with BCOBS as well as the FCA’s Principles of Businesses.
It is likely that the BBA, BSA and Payments UK will make further substantive changes to the guidance before the end of 2016.