Banking Code
The Banking Code was a voluntary code of practice agreed by banks in certain countries. The code typically described how a banks dealt with accepting deposits and withdrawals and with customer disputes on transactions. Banking codes have in most countries been replaced by government imposed financial regulation governing banking practices.
United Kingdom
On 1 November 2009 the Financial Services Authority (FSA) Banking Conduct Regime commenced.[1] It applies to the regulated activity of accepting deposits, and replaces the non-lending aspects of the Banking Code and Business Banking Code (industry-owned codes that were monitored by the Banking Code Standards Board).
The Banking Code had also regulated legal liability of banks for disputed debit and credit card transactions. On 1 November 2009 it was superseded by the FSA Payment Services Regulations 2009,[2] amongst other things making banks legally liable for transactions unless they could prove that customers had authorised them.[3]
See also
References
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