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The Banking Code is a voluntary Code to
which banks and building societies subscribe. It sets the standards of
good banking practice. As a voluntary Code, it allows competition and
market forces to operate to encourage higher standards for the benefit
of customers. By subscribing to
the Code the banks and building societies promise to uphold the 10 key
commitments outlined below. These commitments apply to the conduct of
business for all products and services provided to customers.
- act fairly and reasonably in all
their dealings with you;
- make sure that all the products and
services they offer meet this code, even if they have their own
terms and conditions;
- give you information about the
products and services in plain language, and offer help if there is
anything you do not understand;
- help you to understand the financial
implications of the products and services, how they work, and help
you to choose the one that meets your needs;
- have secure and reliable banking and
payment systems;
- make sure that the procedures of
staff follow reflect the commitments set out in this code;
- consider cases of financial
difficulty sympathetically and positively;
- if things go wrong, correct
mistakes, tell you how to make a complaint and handle your
complaints quickly;
- make sure that all products and
services meet relevant laws and regulations including those relating
to discrimination; and
- tell you if they offer products and
services in more than one way (for example, on the internet, over
the phone, or in branches and so on) and tell you how to find out
more.
Copies of the Banking Code are
available from the Banking Code Standards Board
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