How do the PSRs interact with the new banking conduct of business regime?
The Financial Services Authority (FSA) took over all retail banking conduct regulation for deposit taking and payment services on 1 November 2009. This replaced the arrangement by which the Banking Code Standards Board (BCSB) monitored and enforced voluntary Banking Codes which governed banks’ day to day relationships with their customers. All banks, building societies and credit unions must follow the new FSA banking conduct of business rules. More information can be found on the Banking Conduct of Business Sourcebook web pages. Banks and building societies are subject to both the PSRs and to the requirements of the Banking Conduct of Business sourcebook – together the ‘Banking Conduct Regime (BCR)’.
