Regulating retail banking conduct of business - consultation paper

[Amethyst]

CP08/19: Regulating retail banking conduct of business

http://www.fsa.gov.uk/pubs/cp/cp08_19.pdf

1.1 In this Consultation Paper (CP) we are seeking views on a proposed new framework for regulating retail banking conduct of business.

proposed implementation November 2009 - same time as Payment Services Directive which you can view Payment Services Directive

4.5 The OFT has recently completed a consultation on its market study on personal
current accounts.We are liaising closely on the interaction between its potential
remedies for the weaknesses identified and our proposals.We believe that the highlevel
rules we are suggesting, together with the PSD requirements, should help to
address a number of issues identified in the market study, for example, lack of
transparency on pricing of relevant products and services.

Makes interesting reading if a little hard going.

[EXC]

Re: Regulating retail banking conduct of business - consultation paper

''We also note the increased volume of complaints arising in relation to current and savings accounts. While these involve only a small percentage of total users, minor regulatory and market failures can add up to significant cumulative numbers.''

I don't know what the percentage is of current account users that have complained but by volume it must be in the hundreds of thousands. So to discribe it as ''only a small percentage'' is playing it down a bit.

Do you fancy having a bash at this Ame? I've not finished reading it yet but it may that be we could re-hash some of the material in our OFT consultation as it wouldn't have been seen by the FSA.

[Amethyst]

Re: Regulating retail banking conduct of business - consultation paper

This and the consumer responsibility one.

Tools is up for it on the consumer responsibility consultation.

It is very heavy going this BSCOB one have a bit of a headstart which I;ll email you though.

[EXC]

Re: Regulating retail banking conduct of business - consultation paper

''We also note the increased volume of complaints arising in relation to current and savings accounts. While these involve only a small percentage of total users, minor regulatory and market failures can add up to significant cumulative numbers.''

I don't know what the percentage is of current account users that have complained but by volume it must be in the hundreds of thousands. So to discribe it as ''only a small percentage'' is playing it down a bit.

According to the BBA's own poll, a staggering 13% of people last visted their branch to complain, compared with 4% to arrange a loan or overdraft and 10% to get advice.

(2) Why did you last go into your branch?

to arrange a loan / overdraft
4%

to get some advice
10%

to complain
13%

to pay in a cheque
55%

to get cash
15%

BBA Disclaimer: Results are indications only and do not necessarily represent general public opinion.