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  1. Point in time
    2019-01-31

BCOBS 7.3 Account opening information

Information needed to open a current account

BCOBS 7.3.1R
  1. (1)

    1In relation to each type of personal current account and each type of business current account that it offers, a firm must publish either:

    1. (a)

      a statement that the firm has published a list of the information and documents which, as a minimum, the firm requires to open an account for a banking customer who is not currently a customer of the firm; or

    2. (b)

      a statement that the firm does not publish such a list.

  2. (2)

    The statement must be in the form specified in the first row of Table 1 in BCOBS 7 Annex 1R.

  3. (3)

    A firm must not publish a statement as in (1)(a) unless the statement either includes the list or indicates where the list is available.

  4. (4)

    For the purposes of (3), a list is not to be treated as available unless it has been published in the same manner as the statement in (1).

BCOBS 7.3.2G
  1. (1)

    1BCOBS 7.3.1R requires a firm to publish a statement indicating whether or not a list of the minimum information and documents necessary to open each type of account that it offers is available. That list must itself be published on the firm’s website: this is the effect of BCOBS 7.3.1R(3) and BCOBS 7.7.2R. The statement must either include the list or provide a link to it.

  2. (2)

    The list should set out the minimum information and documents that the firm needs to open each type of account that it offers for a new customer. For example, the list might specify what types of proof of identity or proof of address the firm requires, whether they must be original copies or certified copies, etc.

  3. (3)

    Firms have discretion about how to present the list. If the list is the same for all, or most, of their accounts, they may choose to publish a single list and indicate any exceptions or differences that relate to particular accounts.

  4. (4)

    In individual cases, the firm’s obligations under the Money Laundering Regulations, or its other anti-fraud procedures, might mean that the firm requires additional or more particular information or documents to open an account: BCOBS 7.3.1R does not affect a firm’s responsibility for discharging those obligations or carrying out those procedures fully and properly. Firms are reminded of their obligations under SYSC 6.1.1R and 6.3.

  5. (5)

    Firms may wish to include a comment in their list of documents that additional information or documents may be required on a case-by-case basis. But BCOBS 7.3.1R does not prevent a firm from publishing a more comprehensive list if it wishes to do so.

Information about how an account may be opened

BCOBS 7.3.3R
  1. (1)

    1In relation to each type of personal current account and each type of business current account that it offers, a firm must publish information about whether it is possible to open the account:

    1. (a)

      without visiting a branch;

    2. (b)

      where a visit to a branch is required, without an appointment;

    3. (c)

      on the basis of documents and information supplied in electronic form; and

    4. (d)

      by post.

  2. (2)

    Unless the information is true in all cases, the information must include a statement to the effect that, although the information may be true in some cases, it may not be true in all cases.

  3. (3)

    The statement must be in the form specified in the second row of Table 1 in BCOBS 7 Annex 1R, and must appear immediately below the information published under BCOBS 7.3.1R and on the same webpage.

  4. (4)

    The firm must include, in the format and using the language specified in Table 6 of BCOBS 7 Annex 1R, on the same webpage as, and immediately below, the information it publishes under BCOBS 7.6.3R, either:

    1. (a)

      a link to the information it has published under BCOBS 7.3.1R and 7.3.3R(1)to (3), or

    2. (b)

      a statement that it does not publish information about how a banking customer may open an account or what information and documents the firm requires to open an account.

BCOBS 7.3.4G
  1. (1)

    1BCOBS 7.3.3R(1) to (3) requires a firm to publish information about the manner in which each of its types of account may be opened. If the information is the same for all the firm’s personal current accounts or, as the case may be, business current accounts, the firm may publish a single statement covering all of those accounts.

  2. (2)

    The firm may publish the information required by BCOBS 7.3.1R and BCOBS 7.3.3R(1) to (3) on the same webpage as it publishes other information about the accounts in question; however, the information must be easily accessible (see BCOBS 7.7.2R(1)(b) and 7.7.3G(1)) and the firm must include a link to that information, in the format of Table 6 of BCOBS 7 Annex 1R, on the same webpage as the firm publishes information in the format of the other Tables in Part 2 of that Annex.

  3. (3)

    If the firm publishes the information required by BCOBS 7.3.3R(1) to (3) on the same webpage as the other information which this chapter requires it to publish, the information required by BCOBS 7.3.3R(1) to (3) should appear below that other information (that is, below Tables 2 to 8 of Part 2 of BCOBS 7 Annex 1R2).

Information about the speed of the account opening process

BCOBS 7.3.5R
  1. (1)

    1This rule applies to information about the speed with which a firm can open an account.

  2. (2)

    A firm must publish the information in (3) about each of the following actions completed in a current account measurement period (see BCOBS 7.7.1R):

    1. (a)

      generating a working account number for a banking customer who is not already a customer of the firm;

    2. (b)

      issuing a debit card to a banking customer who requests one as part their application to open the account or for whom issue of a debit card is a term or condition of the account contract;

    3. (c)

      enabling internet banking for a banking customer who requests it as part their application to open the account or for whom provision of internet banking is a term or condition of the account contract; and

    4. (d)

      providing credit under an authorised non-business overdraft agreement or an authorised business overdraft agreement where the banking customer has requested such credit as part of their application to open the account.

  3. (3)

    The information is:

    1. (a)

      the percentage of banking customers for whom the firm completed the relevant action on the same day;

    2. (b)

      the average number of days the firm took to complete that action; and

    3. (c)

      the number of days within which the firm completed that action for 99% of banking customers for whom that action was completed.

  4. (4)

    The firm must publish the information in the format specified in Table 7 of BCOBS 7 Annex 1R.

  5. (5)

    That Table must appear on the same webpage as, and immediately below, the information the firm publishes under BCOBS 7.3.3R(4).

  6. (6)

    For the purposes of (2)(a) and (3):

    1. (a)

      where the firm has published a list under BCOBS 7.3.1R in relation to that type of account:

      1. (i)

        the firm need only publish information about those cases where the firm does not require any information or documents additional to those specified on that list; and

      2. (ii)

        the number of days taken to generate a working account number is to be counted from receipt of a complete application which includes all the information and documents specified on the list;

    2. (b)

      where the firm has not published a list under BCOBS 7.3.1R in relation to that type of account, the number of days taken to generate a working account number is to be counted from receipt of an application (irrespective of whether the application is complete, or the firm requires information or documents not included in or submitted with the application).

  7. (7)

    For the purposes of (2)(b), (2)(c), (2)(d) and (3), the number of days taken is to be counted from the day on which the firm generates a working account number for the banking customer.

  8. (8)

    When calculating the information required by this rule to be published a firm may include data relating to a banking customer who is already a customer of the firm if the firm does not distinguish between such a banking customer and a banking customer who is not already a customer of the firm when completing each of the actions listed in BCOBS 7.3.5R(2).3

BCOBS 7.3.6G
  1. (1)

    1Firms must publish information under BCOBS 7.3.5R(3) separately for each of their trading names, and separately for personal current accounts and business current accounts for each of their trading names. (See BCOBS 7.2.1R(1).)

  2. (2)

    Firms must publish the information in the format of Table 7 of BCOBS 7 Annex 1R, on the same webpage as the other Tables in Part 2 of that Annex and in the order set out in that Part of that Annex.

  3. (3)

    Each of the actions mentioned in BCOBS 7.3.5R(2) should be measured and published in relation to the current account measurement period in which that action is completed, irrespective of the current account measurement period in which each of those other actions is completed and irrespective of the current account measurement period in which the banking customer submitted the application for the account.

  4. (4)

    If the firm has published a list of the minimum information and documents it needs to open the account under BCOBS 7.3.1R, it need only measure the time taken to generate a working account number for those straightforward cases where it does not need to request additional information or documents from the banking customer. If the firm has not published such a list, it should measure the time taken to generate a working account number from receipt of an application, irrespective of whether the application is complete or the firm requires additional information or documents not included in the application.

  5. (5)

    The firm should only treat credit as having been provided, for the purposes of BCOBS 7.3.5R(2)(d), when the funds under an arranged overdraft granted at the time of account opening are available for the banking customer to withdraw. An arranged overdraft with a limit other than that requested should be counted; if no overdraft is granted, the account should not be counted for the purposes of BCOBS 7.3.5R(2)(d).

  6. (6)

    Firms are reminded of their obligations under CONC 5.2 (Responsible lending) to carry out a creditworthiness assessment before entering into an agreement for an arranged overdraft. Firms are also reminded of their obligations under the Money Laundering Regulations. Firms should discharge those obligations, and carry out any other appropriate affordability and anti-fraud checks, fully and properly without curtailing or omitting them for the purposes of the information to be published under BCOBS 7. Firms are also reminded of their obligations under SYSC 6.1.1R and 6.3.