Independent review of the Banking Code 2004

In January 2004, Elaine Kempson was appointed to carry out the 2004 independent review of the Banking Code and the Business Banking Code, having conducted the first independent review of the codes in 2002.

The Banking Code and the Business Banking Code are voluntary codes which set down standards of good banking practice for banks and building societies to follow when they deal with their personal and business customers. They are complemented by more detailed Guidance, which is designed to assist subscribers in interpreting the Code. Implementation of both Codes is monitored by the Banking Code Standards Board, the majority of whose directors are independent but include representatives from banks and building societies. The British Bankers' Association, the Building Societies Association and the Association for Payment Clearing Systems are the three industry sponsors of the Banking Code. The Business Banking Code is sponsored by the British Bankers' Association and the Association for Payment Clearing Systems.

The 2004 review comprised the submission of written evidence from key stakeholders; round table meetings to discuss the main points raised in the submissions; and bilateral meetings with stakeholders. The results of the 2004 review were published in September 2004. The revised Codes took effect from 1 March 2005.

Independent review of the Banking Code: a report to Code sponsers (PDF, 272kB)