FSA has finalised its BCOBS rules to take effect from 1 November. BCOBS will apply to all banks, building societies and credit unions in respect of business within FSA's remit. Following consultation, FSA made some changes to its original proposal, particularly:  

  • to clarify how BCOBS interacts with the Payment Services Regulations;  
  • to provide how and when appropriate information should be "provided or made available";  
  • to add guidance on certain disclosures and on payment processing; and  
  • to add a rule on charges for statements.  

Respondents raised some other points and FSA is considering whether to consult on additional rules or guidance following the responses. One key area is whether the rules should include new requirements on provision of advice on deposits and structured deposits. FSA is also working with BBA and BSA on industry guidance and considering consumer information that will be as useful as the Banking Code.