Does TCF apply to banking deposits?
Currently, the Banking Code Standards Board (BCSB) monitors and enforces the voluntary Banking Codes governing current accounts, personal loans and overdrafts, savings, card services and ATMs. However, from 2009, the FSA will become responsible for regulating banks and building societies’ payment transactions under the Payment Services Directive (PSD). Our consultation paper (CP 08/19) considers whether it would be more effective to extend the FSA’s regulation across all aspects of retail deposit-taking at this time. In the CP, we are proposing the following new framework: • full application of the FSA’s Principles for Businesses to the regulated activities of accepting deposits and issuing electronic-money; • new high-level rules applying to retail banking services outside PSD scope in a Banking Conduct of Business sourcebook (BCOBS); • transfer of existing Handbook rules and guidance applying to deposit taking to BCOBS; • monitoring and enforcement by the FSA, integrated into the wid
