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Web extra: Banking regulation

FSA headquarters
The FSA says the present set-up may be inadequate
The City watchdog, the Financial Services Authority, says it plans to regulate the way banks, building societies and credit unions treat customers.

At present, the banks regulate themselves through the Banking Code Standards Board.

This sets down guidelines for the way current and savings accounts are marketed and operated, and tells banks what information they should give to customers about changes to accounts.

David Lipsey, chairman of the Financial Services Consumer Panel, has welcomed the development.

He and Robert Skinner, the chief executive of the Banking Code Standards Board, join us to explore the issue.

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07 Nov 08 |  Moneybox

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