"The Banking Code" - All talk no action ?

[soldier girl]

Hi everyone

I am trying to find out if anyone has made a complaint to the Banking code Standards board that has actually been upheld ?

I want to find out if The Banking Code is worth the paper it is written on - the banks are continually reminding us that they subscribe to it but what does it actually do when a complaint is made -not a lot from my experience.

I made a comment in Angrycat's thread regarding the FOS, where I suggested that subscribing to the banking code was like being a member of the Guild of Master Builders (no disrespect to honest folk out there) it is of no real worth at all it just looks impressive on paper.

If it turns out that that the Banking Code Board are not taking us seriously when we make individual complaints to them as per the Code then maybe something more is required.

Please let me know your views,

Thankyou

Soldier Girl XXX

[Guest NATTIE]

The Banking Code is a Voluntary code I'm afraid and is maybe not worth the paper it is written on

[elsinore]

It might be worth reproducing the following from the BCSB's own website:-

 

About the Banking Code Standards Board Ltd.

Funding

The BCSB is sponsored by the British Bankers' Association (BBA), The Building Societies Association (BSA) and the Association for Payment Clearing Services (APACS).

Subscribing banks, building societies and other banking service providers fund the BCSB by paying an annual subscription based on their size. Its budget is £1.5 million for the current year.

Independence

The BCSB has a powerful board of directors, seven out of ten of whom are independent.

The Banking Code Rules

The BCSB has Rules that provide a contractual relationship with subscribers. These rules cover issues such as disciplinary procedures and penalties.

Government Regulation

The BCSB is not part of Government or statutory regulation. It is committed to making a real success of self-regulation by the industry.

The Treasury appointed a Review Group in 2001, chaired by the distinguished economist Dr DeAnne Julius, who said "There is a broad consensus that service standards in banking can be effectively dealt with by self-regulation... Many feel that the Banking Code, whilst not perfect, is an exemplar of self-regulation".

 

Oh! by the way, the emiinent Dr Julius is a non-executive director of Lloyds TSB.

 

The BCSB directors are also listed on their website. You might like to write to them (well, seven of them, anyway! ).

 

Elsinore

[elsinore]

.........and they do want to hear from you.

 

We cannot intervene in, or resolve disputes between customers and their banks, building societies or card issuers. The BCSB is however, interested in hearing of cases where a financial institution appears to have breached the Codes.

 

Elsinore

[Mindzai]

Judging by the way the banks flout the rules over and over again I would guess they are there to make the banks look good rather than actually regulating them.

[elsinore]

Quite right Mindzai. That's what most self-regulating bodies (clubs) do!

 

Elsinore

[jimfishybob]

Agreed, I have complained twice to BCSB and recieved nothing but an automated reply on each occasion.

[soldier girl]

Thanks for responding guys -and a Happy New Year to you

I am aware of the points mentioned ie: the code being self regulating etc and whilst they may 'like to hear' from us what is the point if nothing is being done???

This makes The Banking Code as good as useless.........................unless you know better.

 

Soldier Girl XXXXXXXXX

[adamski]

 

Oh! by the way, the emiinent Dr Julius is a non-executive director of Lloyds TSB.

 

The BCSB directors are also listed on their website. You might like to write to them (well, seven of them, anyway! ).

 

Elsinore

 

This stinks of corruption someone tell me what else could this possibly be?

Its like letting the police police the police if you know what i mean.

adamski

[soldier girl]

Exactly ! And I will be writing further to them to let them know that we are beginning to see the light and it is not good enough. It would add momentum if others can do the same.

SG xx