The FSA has published its submission on the third review of the Business Banking Code and the Banking Code. In particular the FSA supports the idea that the Banking Code should contain an over-arching fairness provision. The FSA notes that firms need only adhere to the detailed rules in the Banking Code. The FSA believes that meeting detailed rules does not always lead to the fair treatment of customers. The FSA has emphasised that firms need to consider for themselves how to deliver fair outcomes for consumers taking into account their circumstances, product, services and customers. In relation to a firm's culture the FSA believes that TCF is more than the sum of the detailed parts.

The FSA also believes that the over-reaching fairness provision should be considered alongside a comprehensive review of whether the minimum standards help deliver the desired outcomes and a review of whether the number of detailed rules can be reduced.