BCOBS 1.1 General application
The general application rule
This sourcebook applies to a firm with respect to the activity of accepting deposits from banking customers carried on from an establishment maintained by it in the United Kingdom and activities connected with that activity.
Application to payment services and electronic money
15In addition to the general application rule, Chapter 2 of BCOBS applies to a firm (other than a credit union), an electronic money institution, a payment institution and a registered account information service provider16 with respect to the provision of payment services or issuance or redemption of electronic money carried on from an establishment maintained by it or its agent in the United Kingdom and activities connected with those activities. These persons are referred to collectively in Chapters 1 and 2 of BCOBS as “providers”.
Limitations on the general application rule and BCOBS 1.1.1AR
The general application rule is modified:9
- (1)
in the chapters of this sourcebook for particular purposes; and9
- (2)
in BCOBS 1 Annex 1 for certain types of firm in relation to the sale of structured deposits.9
Except as provided for in BCOBS 1.1.4R, this sourcebook does not apply to:
- (1)
payment services where Parts 6 and 710 of the Payment Services Regulations apply2; or
- (2)
a person or firm which has permission for accepting deposits but only for the purposes of, or in the course of, an activity other than accepting deposits.
- (1)
Chapters 2, 2A,6 5 and 6 of BCOBS (except for BCOBS 5.1.10AR10 to BCOBS 5.1.19 R) and BCOBS 4.38 and 4.412 13 apply to payment services where Parts 6 and 710 of the Payment Services Regulations apply2.
- (2)
Chapter 3 of BCOBS applies to payment services where Parts 6 and 710 of the Payment Services Regulations apply 2with the modifications set out in BCOBS 3.1.2 R(2).
- (3)
[deleted]14
332
10Guidance on the application of the Payment Services Regulations can be found in PERG 15.
2BCOBS 2.2A, BCOBS 2.2B,113 BCOBS 4.1.2G(2A) to (2E), (3A), (6A) and (6B),7 BCOBS 4.1.4AG(2)(a), BCOBS 4.4,113 BCOBS 5.1.3AG, BCOBS 5.1.3BG, BCOBS 5.1.5AR, BCOBS 5.1.5BG, BCOBS 5.1.13R,12 13 BCOBS 7 (except as applied by BCOBS 7.1.4R)11 and BCOBS 812 13 do not apply to a credit union.
74415BCOBS 2 (Communications and financial promotions) does not apply to the provision of payment services, the issuance of electronic money or activities connected to those activities by a credit union, except to the extent that the activity is connected to the activity of accepting deposits from banking customers.
Exclusion of liability
2A firm or a provider15 must not seek to exclude or restrict, or rely on any exclusion or restriction of, any duty or liability it may have to a banking customer, a payment service customer or an electronic money customer15 unless it is reasonable for it to do so and the duty or liability arises other than under the regulatory system.
Structured deposits
9A firm that carries on the activity of accepting deposits which are structured deposits should refer to BCOBS 1 Annex 1.