FSA outlines tougher retail banking supervision

Currently, the Banking Code Standards Board (BCSB) monitors and enforces voluntary Banking Codes which govern banks' day to day relationships with their customers. However, from November, these arrangements will be replaced by new FSA rules which all banks, building societies and credit unions must follow. The regulator will have the power to fine firms if they fail to comply with the rules to the detriment of their customers. Notable changes for consumers will include the requirement to provide a prompt and efficient service to help customers switch accounts. This would apply more widely...