Future regulation of retail banking by the FSA

We argued successfully that the FSA should take over the regulation of retail banking from the voluntary Banking Code. 

The Panel now is working to ensure that FSA regulation of this from November 2009 is to the benefit of consumers.  We have discussed the outline of the regulation with the FSA at its earliest stages.  We have also responded formally to the consultation papers that have been published.

We continue to take a keen interest in the development of the new regulatory framework.  We are looking for better protection of consumers.  We particularly want to see the FSA applying the principle of treating customers fairly to the way banks conduct business with their customers. 

We will engage in ongoing debate with the FSA and other bodies up to the time of implementation and beyond as the new system beds down.

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