The 1998 revised edition of the Banking Code becomes effective on 31 March 1999. The Banking Code is voluntary but there have been recent proposals to expand the independent review board to work in conjunction with the Banking and Building Society Ombudsmen to review cases where the Code has not been followed or where weaknesses become apparent. It will review how banks and building societies are complying with the Code not merely whether it is being complied with. Whether the board is expanded will depend on funding issues and whether it materially improves the public's perception of retail banking regulation.
As was the case in the previous editions of the Banking Code it is recommended that unlimited guarantees should not be taken from wives. Revisions to the Code include dealing with changing account terms - the so-called dormant account issue which has been raised extensively in newspapers over the last year.
For further information please contact Gwen Griffiths, e-mail: Click Contact Link , 7 Devonshire Square, Cutlers Gardens, London EC2M 4YH, UK, Tel: + 44 171 655 1000
This article was first published in the Winter 1998/1999 Hammond Suddards Banking Newsletter
The information and opinions contained in this article are provided by Hammond Suddards. They should not be applied to any particular set of facts without appropriate legal or other professional advice.
As was the case in the previous editions of the Banking Code it is recommended that unlimited guarantees should not be taken from wives. Revisions to the Code include dealing with changing account terms - the so-called dormant account issue which has been raised extensively in newspapers over the last year.
For further information please contact Gwen Griffiths, e-mail: Click Contact Link , 7 Devonshire Square, Cutlers Gardens, London EC2M 4YH, UK, Tel: + 44 171 655 1000
This article was first published in the Winter 1998/1999 Hammond Suddards Banking Newsletter
The information and opinions contained in this article are provided by Hammond Suddards. They should not be applied to any particular set of facts without appropriate legal or other professional advice.
