BCOBS - General Standards
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25 Minutes -
For all staff
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UK
The FCA's Banking Conduct of Business Sourcebook applies to all firms accepting deposits from banking customers in the UK and sets the general standards for retail banking. This 25-minute course helps staff recognise what BCOBS is and who it applies to, understand the requirements for communications with banking customers, and explain what information must be communicated and when.
Communication standards under BCOBS interact directly with the Consumer Duty's requirement that customers understand what they are being told, so the two are increasingly tested together. Errors reach every customer receiving a given communication. Training the staff who write, approve and deliver customer messaging is where the risk is created and where it is cheapest to control.
What you’ll learn in
this course
- Recognise what BCOBS is and whom it applies to
- Understand the requirements for communications with banking customers
- Explain what information should be communicated to customers
- Identify the rules for statements of account
- Recognise the requirements for post-sale and cancellation
- Understand the record-keeping requirements
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