The Banking Code was a voluntary code of practice agreed by
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
s in certain countries. The code typically described how banks dealt with accepting deposits and withdrawals and with customer disputes on transactions. Banking codes have in most countries been replaced by government imposed
financial regulation governing banking practices.
United Kingdom
On 1 November 2009 the
Financial Services Authority (FSA) Banking Conduct Regime commenced. It applies to the regulated activity of accepting deposits, and replaces the non-lending aspects of the Banking Code and Business Banking Code (industry-owned codes that were monitored by the Banking Code Standards Board).
The Banking Code had also regulated legal liability of banks for disputed
debit
Debits and credits in double-entry bookkeeping are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value ''to'' that account, and a credit ...
and
credit card
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...
transactions. On 1 November 2009 it was superseded by the FSA Payment Services Regulations 2009, amongst other things making banks legally liable for transactions unless they could prove that customers had authorised them.
Australia
In the wake of Australia'
Financial Services Royal Commission Australia's Banks updated it
The voluntary Code was endorsed by the corporate regulator Australian Securities and Investments Commissio
(ASIC)on 31 July 2018.
The voluntary code has bee
criticisedfor its Banking Code Compliance Committee not being fully independent in its oversight because its members will be appointed by banks. For the Code to be effective, some have argued that it should include basic tenets recommended by the Royal Commissioner in hi
interim reportand to make i
strictly liable in law and breaches criminal.ref>Bank codes of conduct: add bars to the window dressing and make them legally binding https://theconversation.com/bank-codes-of-conduct-add-bars-to-the-window-dressing-and-make-them-legally-binding-105391
See also
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British Bankers' Association
The British Bankers' Association (BBA) was a trade association for the UK banking and financial services sector. From 1 July 2017, it was merged into UK Finance.
It represented members from a wide range of banking and financial services. The ass ...
*
Thinkmoney
Thinkmoney, stylised as thinkmoney, is a UK-based banking services provider that primarily offers current accounts for a fixed monthly fee with no overdraft or transaction charges. Thinkmoney's online system offers a budgeting service that sees ...
References
Banking in the United Kingdom
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