PracticeConsultingPwC appointed to monitor Banking Code compliance among institutions

PwC appointed to monitor Banking Code compliance among institutions

PricewaterhouseCoopers is to conduct a programme of visits to financial institutions in a move to monitor compliance with the Banking Code.

The firm will act on behalf of the Banking Code Standards Board, which has taken the step to ensure personal customers get a fair deal from banks and building societies.

PwC will carry out the visits from January to March, but the institutions to be visited will be chosen by the board. There will also be mystery ‘shopping checks’.

BCSB said where weaknesses in code compliance are identified, institutions will be required to take corrective action. And it adds that further failure to comply could result in public censure or expulsion from the Banking Code.

Feedback from the monitoring will allow an assessment of the practical implications of the Code, helping to identify problem areas that need interpretation, clarification or reinforcement.

Paul Clarke, partner responsible for code compliance monitoring at PwC, said: ‘Monitoring will be based on proven methodologies which have been pilot tested in the latter part of 1999 and early 2000 to ensure they are practical and effective.’

He added that the work builds on expertise gained from code monitoring work for the Association of British Insurers and participating insurance companies since 1996 and more recently for the Mortgage Code Compliance Board.’

Seymour Fortescue, BCSB chief executive, said: ‘We have chosen PwC for their experience in this area and for their reputation for objectivity and thoroughness.’

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer