Transitional Provisions and Schedules
BCOBS TP 1
Transitional Provision
| (1) | (2) | (3) | (4) | (5) | (6) |
| Materials to which the transitional provision applies | Transitional provision | Transitional provisions: dates in force | Handbook provisions: coming into force | ||
| 1 | BCOBS | R | Until midnight on 1 May 2010 a firm may continue to refer to the British Bankers' Association/ Building Societies Association/APACS Banking Code and/or Business Banking Code in any of its documentation or literature. | 1 November 2009 to 1 May 2010 | 1 November 2009 |
| 2 | BCOBS 4.1.1 R | R | Until midnight on 1 May 2010, a firm need not have regard to BCOBS 4.1.2 G (3)(c) or (4) in interpreting and applying BCOBS 4.1.1 R. | 1 November 2009 to 1 May 2010 | 1 November 2009 |
| 3 | BCOBS 4.1.1 R | G | Until midnight on 1 May 2010, a firm may continue to communicate changes to any rate of interest that applies to a retail banking service to a banking customer in accordance with its obligations under the general law and (where a firm subscribed to the British Bankers' Association/ Building Societies Association/APACS Banking Code or Business Banking Code on 1 July 2009) the standards set out in those Codes. | 1 November 2009 to 1 May 2010 | 1 November 2009 |
| 4 | BCOBS 4.1.1 R | R | With respect to an introductory, promotional or preferential rate of interest that expires before midnight on 1 May 2010, a firm need not have regard to BCOBS 4.1.2 G (5) or BCOBS 4.1.2 G (6) in interpreting and applying BCOBS 4.1.1 R. | 1 November 2009 to 1 May 2010 | 1 November 2009 |
| 5 | BCOBS 5.1.13 R | R | With respect to funds credited to an account of a banking customer before midnight on 1 February 2010, a firm need not comply with BCOBS 5.1.13 R. | 1 November 2009 to 1 February 2010 | 1 November 2009 |
| 6 | BCOBS 4.1.1 R | R | A firm need not have regard to BCOBS 4.1.4A G in interpreting and applying BCOBS 4.1.1 R until 6 September 2011. | 6 March 2011 to 6 September 2011 | 6 March 2011 |
| 7 | The changes to BCOBS 4.2.2 G set out in the Banking: Conduct of Business Sourcebook (Amendment No 3) Instrument 2011 | R | A firm need not have regard to the changes referred to in column (2) in interpreting and applying BCOBS 4.1.1 R or BCOBS 4.2.1 R until 31 December 2011. | 6 May 2011 to 31 December 2011 | 6 May 2011 |
- 06/05/2011
BCOBS Sch 1
Record-keeping requirements
- 01/11/2009
| Notes: | |
| 1 | The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record-keeping requirements. |
| 2 | It is not a complete statement of those requirements and should not be relied on as if it were. |
| Handbook reference | Subject of record | When record must be made | Contents of record | Retention period |
| BCOBS 6.2.3 R | Cancellation: exercise of right | Exercise of the right to cancel | Date of exercise | At least three years |
- 01/11/2009
BCOBS Sch 2
Notification requirements
- 01/11/2009
There
are no requirements for notification in BCOBS.
- 01/11/2009
BCOBS Sch 3
Fees and other required payments
- 01/11/2009
There
are no requirements for fees or other payments in BCOBS.
- 01/11/2009
BCOBS Sch 4
Powers exercised
- 01/11/2009
BCOBS Sch 4.1
See Notes
- 01/11/2009
BCOBS Sch 4.2
See Notes
- 01/11/2009
BCOBS Sch 5
Rights of action for damages
- 01/11/2009
| 5.1 | The table below sets out the rules in BCOBS contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention. |
| 5.2 | If a "Yes" appears in the column headed "For private person?", the rule may be actionable by a private person under section 150 (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001/2256)). A "Yes" in the column headed "Removed" indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given. |
| 5.3 | The column headed "For other person?" indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given. |
| Rule | Right of action under section 150 | |||
| For private person? | Removed? | For other person? | ||
| Any rule in BCOBS which prohibits an authorised person from seeking to make provision excluding or restricting any duty or liability | Yes | No | Yes | Any other person |
| All other rules in BCOBS | Yes | No | No | |
- 01/11/2009
BCOBS Sch 6
Rules that can be waived
- 01/11/2009
| 6.1 | As a result of regulation 10 of the Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (SI 2007/1973) the FSA has power to waive all its rules. However, if the rules incorporate requirements laid down in European directives, it will not be possible for the FSA to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives. |
- 01/11/2009