Policy

The Banking Code

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The Banking Code is a voluntary code that sets standards of good practice for financial institutions when dealing with personal customers.

View the Banking Code 2008

It aims to protect customers and explain how financial institutions are expected to deal with customers on a day-to-day basis and in times of financial difficulty.

The Code covers current accounts, savings & deposit accounts, payment services, cards and PINs and loans and overdrafts. It does not cover mortgages, investments, insurance or Premium bonds.

The Banking Code Standards Board (BCSB) is an independent organisation that monitors how well financial institutions are meeting the Code (see link below). Customers can also check with the BCSB which institutions have signed up to the Code. 

Banking Code Standards Board

The Banking Code is sponsored by the BSA, together with the British Bankers' Association and the Association of Payment Clearing Services. As such, the BSA aims to ensure that the code is as effective as possible and is easy to understand.

The latest version of the Banking Code came into force on 31 March 2008 following an independent review. The Sponsors' press release is available below:
Press release (31 March 2008)