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    2023-07-04

BCOBS 7.1 Application

What?

BCOBS 7.1.1 R
  1. (1)

    1This chapter requires a firm to publish information about its provision of personal current accounts and business current accounts.

  2. (2)

    In this chapter:

    1. (a)

      (except in BCOBS 7.6A) 2a “personal current account” means an account, other than a current account mortgage or a premium service account, which is a payment account within the meaning of the Payment Accounts Regulations (see BCOBS 7.1.3G(2));

    2. (aa)

      2(in BCOBS 7.6A) a “personal current account” means an account, other than a current account mortgage which is a payment account within the meaning of the Payment Accounts Regulations (see BCOBS 7.1.3G(2));

    3. (b)

      a “business current account” means an account which would be a personal current account if the banking customer were a consumer (with the definition of “personal current account” in (2)(a) applying for the purposes of this sub-paragraph as if the words “or a premium service account” were omitted) (see BCOBS 7.1.3G(3));

    4. (c)

      each of the following is a “premium service account”:

      1. (i)

        an account of a type:

        1. (A)

          in respect of which banking customers receive better or faster service, assessed by reference to any of the information which the firm must publish under this chapter, than that provided in respect of one or more other types of personal current account held with the firm under the relevant trading name;

        2. (B)

          which requires the banking customer to do either or both of the following:

        3. (I)

          maintain a credit balance in the account, exceeding an amount specified by the firm, and

        4. (II)

          make deposits into the account each month, exceeding an amount specified by the firm; and

        5. (C)

          which is held by fewer than 20% of the holders of personal current accounts held with the firm under the relevant trading name (with the definition of “personal current account” in (2)(a) applying for the purposes of this sub-paragraph as if the words “or a premium service account” were omitted); and

      2. (ii)

        an account:

        1. (A)

          held by a banking customer who receives better or faster service, assessed by reference to any of the information which the firm must publish under this chapter, than the service provided to other banking customers holding the same type of personal current account with the firm under the relevant trading name (a “premium customer”);

        2. (B)

          where the firm’s treatment of the banking customer as a premium customer is dependent on the banking customer doing either or both of the following:

        3. (I)

          maintaining a credit balance in the account, exceeding an amount determined by the firm, and

        4. (II)

          making deposits into the account each month, exceeding an amount determined by the firm; and

        5. (C)

          of a type of which the premium customers constitute fewer than 20% of the holders of personal current accounts of that type (with the definition of “personal current account” in (2)(a) applying, for the purposes of this sub-paragraph, as if the words “or a premium service account” were omitted); and

    5. (d)

      a “private bank” is a 2bank or building society, or an operationally distinct brand of such a firm, 2 over half of whose personal current account customers each had throughout the previous financial year net assets with a total value of not less than £250,000. 2 For this purpose:2

      1. (i)

        2net assets do not include:

        1. (A)

          the value of the banking customer’s primary residence or any loan secured on that residence;

        2. (B)

          any rights of the banking customer under a qualifying contract of insurance within the meaning of the Regulated Activities Order; and

        3. (C)

          any benefits (in the form of pensions or otherwise) which are payable on the termination of the service of the banking customer or on their retirement and to which the banking customer (or the banking customer’s dependents are), or may be, entitled.

      2. (ii)

        “previous financial year” means the most recent period of one year ending on 31 March.

    6. (e)

      2“refused payment fee” means any fee payable by a payment service user where a payment service provider refuses to execute a payment order or to initiate a payment transaction, where such a fee is permitted in accordance with regulation 82(3) of the Payment Services Regulations.

Who?

BCOBS 7.1.2 R
  1. (1)

    1This chapter applies to a firm in relation to a current account measurement period (see BCOBS 7.7.1R):

    1. (a)

      in respect of personal current accounts held with the firm under a trading name of the firm, if:

      1. (i)

        at the start of the current account measurement period, 70,000 or more personal current accounts are held with the firm under that trading name; and

      2. (ii)

        70,000 or more personal current accounts were held with the firm under that trading name throughout the previous two current account measurement periods; and

    2. (b)

      in respect of business current accounts held with the firm under a trading name of the firm, if:

      1. (i)

        at the start of the current account measurement period, 15,000 or more business current accounts are held with the firm under that trading name; and

      2. (ii)

        15,000 or more business current accounts were held with the firm under that trading name throughout the previous two current account measurement periods.

  2. (2)

    This chapter does not apply in relation to:

    1. (a)

      an account held by a banking customer in respect of whom the main correspondence address held by the firm is outside the United Kingdom;

    2. (b)

      an account held by a banking customer aged under 18 at the start of the relevant current account measurement period (see BCOBS 7.7.1R(1)); or

    3. (c)

      an account which may be used for a currency other than a currency of the United Kingdom.

  3. (3)

    This chapter does not apply to a credit union.

  4. (4)

    This chapter does not apply to a private bank.

  5. (5)

    But this rule is subject to BCOBS 7.1.4.R.

BCOBS 7.1.3 G
  1. (1)

    1This chapter applies to a firm separately in relation to personal current accounts and business current accounts, for each of its trading names as notified to the FCA in accordance with SUP 16 Annex 16AR. For example, a firm which only has 50,000 personal current accounts and no business current accounts will not be subject to the requirements of this chapter (except where BCOBS 7.1.4R applies). If a firm has two trading names, with 150,000 personal current accounts held with the firm under the first name and 50,000 personal current accounts under the second name, and only 10,000 business current accounts, the requirements of this chapter will apply to the firm only in respect of the first trading name and only in respect of personal current accounts (except where BCOBS 7.1.4R applies). The numbers in BCOBS 7.1.1R and 7.1.2R apply to the number of accounts, rather than the number of account holders.

  2. (2)

    The definitions of “personal current account” and “business current account” both refer to the definition of a “payment account” under the Payment Accounts Regulations, that is: “an account held in the name of one or more consumers through which consumers are able to place funds, withdraw cash and execute and receive payment transactions to and from third parties, including the execution of credit transfers, but does not include any of the following types of account provided that the account is not used for day-today payment transactions: savings accounts; credit card accounts where funds are usually paid in for the sole purpose of repaying a credit card debt; current account mortgages or e-money accounts”. The FCA has issued guidance on that definition: see FG16/6 – Payment Accounts Regulations 2015.

  3. (3)

    A payment account under the Payment Accounts Regulations is one which is held by a consumer, namely a natural person acting for purposes which are outside that person’s trade, business, craft or profession. A business current account (defined in BCOBS 7.1.1R(2)(b)) is not a payment account because it is not held by a consumer, but is one which would be a payment account if the account holder were a consumer. The exclusion of “premium service accounts” (see (7)) does not apply to business current accounts.

  4. (4)

    Accounts held by banking customers whose main correspondence address is outside the United Kingdom are excluded both from the number of accounts and from the requirements of BCOBS 7.3 to 7.6. Accounts held by persons under the age of 18, or which can only be used for foreign currency, are also excluded; but a joint account should be included if one of the account holders is aged 18 or older.

  5. (5)

    BCOBS applies only to the activity of accepting deposits from banking customers carried on from an establishment maintained by it in the United Kingdom (see BCOBS 1.1.1R). Therefore, this chapter only applies to accounts operated and activities carried out from United Kingdom branches and not, where a firm also has branches outside the United Kingdom, from non-United Kingdom branches.

  6. (6)

    BCOBS 7.1.2R also makes provision for firms whose current account businesses are growing or contracting. For example, a firm which passes the 70,000 threshold for the first time on 29 March, and then stays above it, will have to measure the time it takes do to those things which BCOBS 7.3 to 7.6 require to be measured starting from 1 October, and to publish its first statistics (relating to the period from 1 October to 31 December) on or before 15 February of the following year. It will also have to publish the other information required by BCOBS 7.3 to 7.6 from 1 October. (See BCOBS 7.7.1R.)

  7. (7)

    Premium service accounts are excluded from BCOBS 7.3 to 7.6 but not from BCOBS 7.6A2. Premium service accounts are those personal current accounts which have eligibility criteria relating to minimum balances or minimum monthly deposits (or both), and whose holders receive better service than non-premium service accounts, based on any of the information or data which this chapter requires a firm to publish. For example, an account which has staff available to respond to relevant queries through telephone banking for more hours of the day than other accounts, or whose account holders can replace a lost debit card more quickly than other accounts, would be a premium service account. An account may be premium on the basis either that it is of a type only made available to eligible banking customers, or because the banking customer is treated as premium compared to other holders of accounts of that type. But an account is not a premium service account for this purpose if accounts of that type of account are held by 20% or more of the firm’s personal current account banking customers, or, where the type of account is held by both premium and non-premium banking customers, the premium banking customers constitute 20% or more of the holders of that type of account. All accounts are treated as non-premium for the purposes of the 20% calculation.

BCOBS 7.1.4 R
  1. (1)

    1This rule applies to a firm to which this chapter does not otherwise apply in respect of either or both of personal current accounts and business current accounts held under a particular trading name.

  2. (2)

    This rule applies to information which covers the same subject matter as that to which any of the following rules apply (“regulated information”):

    1. (a)

      BCOBS 7.3.5R(1) (information about the speed of the account opening process);

    2. (b)

      BCOBS 7.4.1.R(1) (information about the time taken to replace a lost, stolen or stopped debit card);

    3. (c)

      BCOBS 7.6.1R(1) (information about operational and security resilience); and

    4. (d)

      BCOBS 7.6.3R(1) (complaints).

  3. (3)

    The firm must not publish any regulated information or include any regulated information in a communication or financial promotion addressed to a banking customer or a potential banking customer, unless the firm publishes information that:

    1. (a)

      would meet the requirements of BCOBS 7.3.5R, BCOBS 7.4.1R, BCOBS 7.6.1R or BCOBS 7.6.3R as the case may be,

    2. (b)

      has been calculated in accordance with the requirements of this chapter, and

    3. (c)

      is published in the format and order required by this chapter

    as if the firm were a firm to which this chapter (apart from this rule) applied in respect of that information in relation to that trading name.

  4. (4)

    The requirement in (3)(c) to publish information in the order required by this chapter does not require a firm to publish information which, but for this rule, the firm would not be required to publish.

BCOBS 7.1.5 G
  1. (1)

    1If a firm does not have 70,000 personal current accounts, or 15,000 business current accounts, under a particular brand (i.e. trading name), this chapter does not require the firm to publish information about its personal current account service or its business current account service (as relevant) for that brand. However, if a firm chooses to publish information about that brand which is within the scope of the rules in this chapter 2 relating to speed of service, operational and security resilience or complaints (‘regulated information’), the firm must comply with the relevant rule in full as if this chapter did apply to that brand. This means that the firm must measure and calculate the information to be published, and publish it, as required by this chapter.

  2. (2)

    The same applies to a credit union or private bank that publishes any regulated information.2

  3. (3)

    Where a firm is required to publish information under BCOBS 7.1.4R, it should publish it in the order and format required by this chapter. But the requirement to follow a particular order of presenting information does not require the firm to publish information under a rule not specified in BCOBS 7.1.4R(3) that it not would otherwise be required to publish.

BCOBS 7.2 What information is to be published and how is it to be measured?

Publication of information about personal current accounts and business current accounts

BCOBS 7.2.1 R
  1. (1)

    1A firm to which this chapter applies must publish the information and statements specified in BCOBS 7.3 to 7.6:

    1. (a)

      separately, in relation to each trading name in respect of which the firm has 70,000 or more personal current accounts;

    2. (b)

      separately, in relation to each trading name in respect of which the firm has 15,000 or more business current accounts; and

    3. (c)

      subject to (2), separately for personal current accounts and business current accounts in relation to each of those trading names.

  2. (1A)

    3A firm to which this chapter applies must publish the information and statements specified in BCOBS 7.6A separately, in relation to each trading name in respect of which the firm has 70,000 or more personal current accounts.

  3. (2)

    Where any of the information or statements which a rule in (3) requires a firm to publish is the same for both personal current accounts and business current accounts, the firm may publish a single set of information or a single statement for both personal current accounts and business current accounts.

  4. (3)

    The rules are:

    1. (a)

      BCOBS 7.3.1R (information needed to open a current account); and

    2. (b)

      BCOBS 7.3.3R (information about how an account may be opened).

  5. (4)

    But this rule does not oblige a firm to separate any data to which it provides a link under BCOBS 7.6.3R (complaints) between personal current accounts and business current accounts.

BCOBS 7.2.2 G
  1. (1)

    1Where a firm is subject to this chapter in respect of more than one trading name, BCOBS 7.2.1R requires the firm to publish separate information for each of its trading names. And where a firm is subject to this chapter in respect of both personal current accounts and business current accounts, BCOBS 7.2.1R requires the firm to publish separate information for personal current accounts and business current accounts, for each trading name. (BCOBS 7.2.1R(3) provides for an exception, where standing information about personal current accounts and business current accounts is the same: in that case, the firm may publish a single set of information required by the rules listed in BCOBS 7.2.1R(3) but should indicate that it applies to both personal current accounts and business current accounts.)

  2. (2)

    But the following rules apply to personal current accounts and business current accounts separately: firms should not publish a single set of information covering both categories. These rules apply to the category as a whole and not to different types of product or account within those two categories. If a firm offers more than one type of current account within either or both of those two categories under the same trading name, the information in relation to all those types of account is to be aggregated within the relevant category. The rules are:

    1. (a)

      BCOBS 7.3.5R(1) (information about the speed of the account opening process);

    2. (b)

      BCOBS 7.4.1R(1) (information about the time taken to replace a lost, stolen or stopped debit card); and

    3. (c)

      BCOBS 7.6.1 (information about operational or security resilience).

  3. (3)

    BCOBS 7.6.3R requires a firm to provide links to complaints data. BCOBS 7.2.1R does not require the firm to separate that complaints data between personal current accounts and business current accounts; accordingly, the firm may provide the same links under BCOBS 7.6.3R in respect of both personal current accounts and business current accounts.

BCOBS 7.2.3 R

1For the purposes of BCOBS 7.3 to 7.6:

  1. (1)

    a working account number is to be treated as generated for a banking customer only when the account number has been issued to the banking customer and the banking customer is able to make deposits into the account;

  2. (2)

    when a firm issues a debit card, personal identification number, item of information or any other thing to a banking customer, it is be treated as issued:

    1. (a)

      on the same day, if the banking customer receives it that day; else

    2. (b)

      on the day on which the banking customer would ordinarily be expected to receive it, in accordance with the delivery method by which the firm sent it;

  3. (3)

    a reference to an average number of days is a reference to the mean, expressed as a whole number of days;

  4. (4)

    “telephone banking” means a facility provided by the firm, other than mobile banking, which enables a banking customer to use voice telephony to ascertain the balance on an account and initiate a payment transaction on the account;

  5. (5)

    “mobile banking” means a software application provided by the firm which enables a banking customer, by use of an electronic device (including a smartphone, a tablet computer and a desktop computer) on which that application is installed, to ascertain the balance on an account and initiate a payment transaction on the account;

  6. (6)

    “internet banking” means a facility provided by the firm, other than mobile banking, which enables a banking customer to use the internet to ascertain the balance on an account and initiate a payment transaction on the account; and

  7. (7)

    internet banking is to be treated as enabled only when the firm has issued all information, and any devices specific to the firm (for example, a card reader), necessary for the banking customer to use internet banking.

BCOBS 7.2.4 G
  1. (1)

    1BCOBS 7.2.3R(2) specifies that, when a firm issues a debit card, personal identification number, item of information or any other thing to a person, it is to be treated for the purposes of BCOBS 7.3 to 7.6 as having been issued to a banking customer only when the banking customer would ordinarily be expected to have received it. For example, if a debit card is sent to a customer by first class post, it will be treated under BCOBS 7.2.3R(2) as issued on the day after the day on which it was posted (or, if posted on a Saturday, as issued on the Monday); and if sent by second class post, as issued on the third day after the day on which it was posted (or, if posted on a Thursday, as issued on the Monday).

  2. (2)

    When counting the number of days taken:

    1. (a)

      firms should count each part of a day after the day from which the firm starts counting2 as a whole day; 2

    2. (aa)

      something done on the same day as the day from which the firm starts counting should be counted as done within zero day; and2

    3. (b)

      something done on the day following the day from which the firm starts counting should be counted as done within one day.

  3. (3)

    Where BCOBS 7.3 to 7.5 require a percentage or an average to be published, the percentage is to be expressed as an integer and the average is to be expressed as a whole number of days, with a fractional part of a figure which is 0.5 or over being rounded up and a fractional part of less than 0.5 being rounded down.

BCOBS 7.3 Account opening information

Information needed to open a current account

BCOBS 7.3.1 R
  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 7.3.2 G
  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 7.3.3 R
  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 7.3.4 G
  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 7.3.5 R
  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 7.3.6 G
  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.

BCOBS 7.4 Replacing a debit card

Time taken to replace a stolen, lost or stopped debit card

BCOBS 7.4.1 R
  1. (1)

    1This rule applies to information about the time it takes a firm to replace a debit card which has been lost, stolen or stopped.

  2. (2)

    The firm must publish the following information about debit cards replaced in the relevant current account measurement period (see BCOBS 7.7.1R):

    1. (a)

      the percentage of debit cards which the firm replaced on the same day;

    2. (b)

      the average number of days the firm took to replace a debit card; and

    3. (c)

      the number of days within which the firm replaced 99% of the debit cards it replaced.

  3. (3)

    The firm must publish the information:

    1. (a)

      in the format specified in Table 8 of BCOBS 7 Annex 1R; and

    2. (b)

      on the same webpage as, and immediately below, the information published under BCOBS 7.3.5R.

  4. (4)

    For the purposes of this rule:

    1. (a)

      the time taken is to be counted from the earlier of the day on which:

      1. (i)

        the debit card is reported to the firm as lost or stolen; and

      2. (ii)

        the firm stopped the debit card for any other reason; and

    2. (b)

      a debit card is to be treated as replaced only when both the card and (where relevant) personal identification number have been issued to the banking customer.

BCOBS 7.4.2 G
  1. (1)

    1The time taken to issue a replacement debit card need not include activation of the card. Firms are not required to measure the time taken to replace a card on expiry of the card.

  2. (2)

    Firms are reminded that regulation 71(6) of the Payment Services Regulations requires a payment service provider to allow the use of the payment instrument or replace it with a new payment instrument “as soon as practicable” after the reasons for stopping its use cease to exist.

BCOBS 7.5 Availability of certain services and helplines

BCOBS 7.5.1 R
  1. (1)

    1A firm must publish information about the days on which and the times at which a banking customer may, by each of the methods specified in BCOBS 7.5.3R(2) to (4)3, carry out each of the actions specified in BCOBS 7.5.4R.

  2. (2)

    The firm must publish the information:

    1. (a)

      in the format specified in Table 3 of BCOBS 7 Annex 1R; and

    2. (b)

      on the same webpage as, and immediately below, the information published under BCOBS 7.5.2R.

BCOBS 7.5.2 R
  1. (1)

    1A firm must publish information indicating whether or not it is possible, twenty four hours a day and every day of the year, for a banking customer and, in relation to BCOBS 7.5.5R(j) and (k), a potential banking customer to discuss with the firm:

    1. (a)

      each of the actions specified in BCOBS 7.5.4R; and

    2. (b)

      each of the matters specified in BCOBS 7.5.5R.

  2. (2)

    A firm may publish information indicating that it is so possible only if it is possible to discuss those actions and those matters, by one or more of the methods specified in BCOBS 7.5.3R(1), (3) and (4)3, with a member of staff of the firm who has been trained to discuss the relevant action or matter.

  3. (3)

    If it is so possible, the firm must publish:

    1. (a)

      by which of those methods it is possible; and

    2. (b)

      the contact details for the firm for each method.

  4. (4)

    If it is not so possible by all of the methods specified in BCOBS 7.5.3R(1), (3) and (4)3, the firm must publish information about the days on which and the times at which a banking customer and, in relation to BCOBS 7.5.5R(j) and (k), a potential banking customer may, by each of the methods specified in BCOBS 7.5.3R(1), (3) and (4)3, discuss with the firm:

    1. (a)

      each of the actions specified in BCOBS 7.5.4R; and

    2. (b)

      each of the matters specified in BCOBS 7.5.5R.

  5. (5)

    In the information published under (4), the firm may only indicate days on which and times at which the banking customer or potential banking customer may discuss the action or matter with a member of staff of the firm who has been trained to discuss the relevant action or matter.

  6. (6)

    The firm must publish the information required by this rule:

    1. (a)

      in the format specified in Table 2 of BCOBS 7 Annex 1R, using the descriptions in the right hand column in each of BCOBS 7.5.4R and BCOBS 7.5.5R to refer to the actions and the matters; and

    2. (b)

      on the same webpage as, and immediately below, the statement published in accordance with BCOBS 7.7.2R(2).

BCOBS 7.5.3 R

1The methods are:

  1. (1)

    telephone (other than telephone banking);

  2. (2)

    telephone banking;

  3. (3)

    internet banking; and

  4. (4)

    mobile banking.

BCOBS 7.5.4 R

1The actions are:

Action

Description

(a)

ascertain the balance on the account

checking the balance 3

(b)

access a transaction history covering at least the previous 90 days

accessing a transaction history3

(c)

initiate a payment transaction to a payee in the United Kingdom

sending money within the UK3

(d)

set up a standing order to a payee in the United Kingdom

setting up a standing order3

(e)

initiate a payment in a currency other than a currency of the United Kingdom to a payee outside the United Kingdom

sending money outside the UK

(f)

make a deposit by cheque

paying in a cheque

(g)

cancel a cheque

cancelling a cheque
BCOBS 7.5.5 R

1The matters are:

Matter

Description

(a)

use of a debit card to withdraw money in a currency other than a currency of the United Kingdom from a machine or at an establishment outside the United Kingdom

cash withdrawal in a foreign currency outside the UK

(b)

overdrawing without a pre-arranged overdraft or exceeding a pre-arranged overdraft limit

a lack of funds: including unarranged overdrafts, payments we allow despite lack of funds and payments we refuse due to lack of funds

(c)

a payment made from the account although the result of the payment is that the banking customer overdraws without a pre-arranged overdraft or exceeds a pre-arranged overdraft

(d)

a payment not made from the account where the result of the payment would be that the banking customer overdraws without a pre-arranged overdraft or exceeds a pre-arranged overdraft

(e)

a direct debit within the meaning of the Payment Services Regulations

a direct debit, or allowing someone to collect one or more payments from your account using your debit card number

(f)

an attorney obtaining access to the account

third party access to an account, for example under a power of attorney

(g)

inability of a banking customer to access or use:

(i) internet banking; or

(ii) mobile banking

problems using internet banking or mobile banking

(h)

a suspicion of fraud on the account or a fraudulent transaction

reporting a suspected fraudulent incident or transaction

(i)

the stopping of a debit card, and the suspension of transactions on the account

progress following an account suspension or card cancellation, e.g. following a fraud incident

(j)

opening an account

account opening: including eligibility for an arranged overdraft, what is required to open an account and an indication of what arranged overdraft may be available

(k)

eligibility for an arranged overdraft
BCOBS 7.5.6 G
  1. (1)

    1This section requires firms to publish various types of information:

    1. (a)

      information about how and when banking customers can carry out certain actions on their account;

    2. (b)

      information indicating whether or not 24-hour help is available for banking customers to raise queries about carrying out the actions on their account specified in BCOBS 7.5.4R or about the matters specified in BCOBS 7.5.5R, and for prospective banking customers to raise queries about account opening and overdraft availability;

    3. (c)

      where 24-hour help is not available under one or more of the methods specified in BCOBS 7.5.3R, information about how and when banking customers can raise queries about carrying out certain actions on their account and various other matters; and how and when prospective banking customers can raise queries about account opening and overdraft availability; and

    4. (d)

      contact details for the firm for each method: for example, the telephone number for the relevant helpline or for telephone banking, the website address for internet banking, or the name of the application for mobile banking or a link to the place where the banking customer can download it.

  2. (2)

    A firm should only indicate that help is available (i.e. an action or matter may be discussed) where the banking customer or prospective banking customer is able to discuss the action or matter with a member of staff who has been appropriately trained to respond to such queries. This might mean, for example, a customer call centre responding to telephone queries or live webchat for internet banking, operated by appropriately trained staff. Automated responses, an FAQ list which filters out queries, or a messaging or mailbox system would not be sufficient; the discussion must involve real-time interaction.

  3. (3)

    In respect of BCOBS 7.5.1R and BCOBS 7.5.2R, firms should complete Tables 2 and 3 in Part 2 of BCOBS 7 Annex 1R2 by: stating “24 hours” in the relevant cell; or setting out in the relevant cell the days and the times at which banking customers can carry out the relevant actions, and discuss the relevant actions and the relevant matters, by the relevant methods; or stating “not possible” in that cell if an action cannot be done or a matter cannot be discussed by a particular method. Firms may annotate the Table to indicate whether different times apply to bank holidays.

  4. (4)

    In Tables 2 and 3, if contact details or opening hours differ between types of account or between categories of customer,3firms should either annotate the Table accordingly, or produce different copies of the Table for different types of account or categories of customer3. And in Table 22, if the contact details for a particular matter differ3 from those3 given at the top of the relevant column for a particular method, firms should include the correct contact details for the relevant matter in the relevant row of that column.

  5. (5)

    In relation to the matter in BCOBS 7.5.5R(h), i.e. suspicion of fraud, firms are reminded that regulation 73(1)(c) of the Payment Services Regulations requires payment service providers to “ensure that appropriate means are available at all times” to enable payment service users to notify the payment service provider of the loss or unauthorised use of a payment instrument.

BCOBS 7.6 Publication of information about major operational or security incidents, and complaints information

Major operational or security incidents

BCOBS 7.6.1 R
  1. (1)

    1This rule applies to information about the firm’s operational or security resilience.

  2. (2)

    The firm must publish the information in (3) about the major operational or security incidents in respect of which the firm has submitted an initial report to the FCA under regulation 99 of the Payment Services Regulations in a current account measurement period (see BCOBS 7.7.1R).

  3. (3)

    The information is:

    1. (a)

      the total number of major operational or security incidents reported in the relevant current account measurement period (see BCOBS 7.7.1R);

    2. (b)

      the number of major operational or security incidents reported in that period, affecting each of:

      1. (i)

        telephone banking;

      2. (ii)

        mobile banking; and

      3. (iii)

        internet banking;

    3. (c)

      the total number of major operational or security incidents reported in that period aggregated with those reported in the preceding three current account measurement periods; and

    4. (d)

      the number of major operational or security incidents reported in that period aggregated with those reported in the preceding three current account measurement periods, affecting each of:

      1. (i)

        telephone banking;

      2. (ii)

        mobile banking; and

      3. (iii)

        internet banking.

  4. (4)

    The firm must publish the information required by this rule:

    1. (a)

      in the format specified in Table 4 of BCOBS 7 Annex 1R; and

    2. (b)

      on the same webpage as, and immediately below, the information published under BCOBS 7.5.1R.

BCOBS 7.6.2 G

1 BCOBS 7.6.1R requires firms to publish information about the number of initial reports about major operational or security incidents that it makes to the FCA under regulation 99 of the Payment Services Regulations. The published numbers relate to: the total number of initial reports in the last current account measurement period, and in the last four current account measurement periods; and the number of incidents affecting each of telephone banking, mobile banking and internet banking, again in the last current account measurement period, and in the last four current account measurement periods. Firms are not required to publish separate numbers for commercial channels affected by a major operational or security incident other than telephone banking, mobile banking and internet banking.

Information about complaints

BCOBS 7.6.3 R
  1. (1)

    1This rule applies to information about complaints made to or about a firm.

  2. (2)

    The firm must publish:

    1. (a)

      either:

      1. (i)

        an indication of where the firm has published a complaints data summary under DISP 1.10A.1R in respect of the most recent reporting period under DISP 1.10.4R, or

      2. (ii)

        a statement that the firm was not required to publish such a summary; and

    2. (b)

      either:

      1. (i)

        if Financial Ombudsman Service Limited has published complaints data on its website relating to the firm in its most recent publication of complaints data, a link to that data, or

      2. (ii)

        a statement that Financial Ombudsman Service Limited has not published complaints data on its website relating to the firm in its most recent publication of complaints data.

  3. (3)

    The firm must publish the information required by this rule:

    1. (a)

      in the format specified in Table 5 of BCOBS 7 Annex 1R; and

    2. (b)

      on the same webpage as, and immediately below, the information published under BCOBS 7.6.1R.

BCOBS 7.6A Publication of pricing information about personal current account overdrafts

BCOBS 7.6A.1 R

1A firm must, for a trading name of the firm that this section applies to, and for each personal current account product held by at least 5000 banking customers on the last day of the current account measurement period under that trading name, publish information about:

  1. (1)

    the lowest and highest interest rates payable by banking customers under authorised non-business overdraft agreements associated with that personal current account product on the last working day of the personal current account measurement period;

  2. (2)

    the lowest and highest unarranged overdraft interest rates payable by banking customers holding that personal current account product on the last working day of the personal current account measurement period;

  3. (3)

    the refused payment fee payable by banking customers holding that personal current account product on the last working day of the personal current account measurement period; and

  4. (4)

    the lowest and highest representative APR for an authorised non-business overdraft agreement included in a financial promotion communicated by or on behalf of the firm during the current account measurement period.

BCOBS 7.6A.2 R
  1. (1)

    When publishing the information required under BCOBS 7.6A.1R(1) and (2) a firm must:

    1. (a)

      disregard an interest rate for the purpose of identifying the highest interest rate payable by banking customers if that rate of interest or a higher rate is payable by fewer than 1% of banking customers holding that personal current account product ;

    2. (b)

      disregard an interest rate for the purpose of identifying the lowest interest rate payable by banking customers if that rate of interest or a higher rate is payable by fewer than 1% of banking customers holding that personal current account product;

    3. (c)

      disregard any interest rate that has been reduced as a result of forbearance or other arrangements entered into with a banking customer who is in, or at risk of, financial difficulty; and

    4. (d)

      disregard any interest rate that has been individually negotiated with a banking customer.

  2. (2)

    Where the agreement provides that a tranche of borrowing attracts no interest, that provision must be disregarded when calculating the rate of interest to be published under BCOBS 7.6A.1R(1) and (2) .

  3. (3)

    The rate of interest to be published under BCOBS 7.6A.1R(1) and (2) must:

    1. (a)

      be expressed as a percentage applied on an annual basis to the amount of credit drawn down; and

    2. (b)

      (where the agreement provides for compounding) be the effective annual interest rate. The firm must use the same assumptions to calculate this interest rate as they do for the APR. These assumptions are set out in CONC App 1.2 (Total charge for credit rules for other agreements).

  4. (4)

    Where the lowest and highest figures required to be published under BCOBS 7.6A.1R are the same, the firm must publish these as a single figure.

  5. (5)

    Where no refused payment fee is payable for a personal current account product the firm should state this as a fee of £0.

BCOBS 7.6A.3 R

The firm must publish the information:

  1. (1)

    in the format specified in Table 9 of BCOBS 7 Annex 1R; and

  2. (2)

    on the same webpage as, and immediately below, the information published under BCOBS 7.6.3R.

BCOBS 7.7 Publication of information about current accounts

How frequently must information be published?

BCOBS 7.7.1 R
  1. (1)

    1The information published under the rules specified in (2) must be published in respect of each current account measurement period on or before the publication date immediately following the end of that current account measurement period as set out in the table below.

    Current account measurement period

    Publication date

    the period beginning on 1 January and ending on 31 March

    15 May

    the period beginning on 1 April and ending on 30 June

    15 August

    the period beginning on 1 July and ending on 30 September

    15 November

    the period beginning on 1 October and ending on 31 December

    15 February

  2. (2)

    The rules are:

    1. (a)

      BCOBS 7.3.5R (information about the speed of the account opening process);

    2. (b)

      BCOBS 7.4.1R (information about the time taken to replace a lost, stolen or stopped debit card);

    3. (c)

      BCOBS 7.6.1R (information about operational and security resilience);4

    4. (d)

      BCOBS 7.6.3R (complaints); and4

    5. (e)

      BCOBS 7.6A.1R (overdraft pricing information).

  3. (2A)

    The information required under BCOBS 7.6A.1R(1) to (3) must be published as it stood at 5:00 pm on the last working day of the current account measurement period.

  4. (3)

    The information and statements published under the rules specified in (4) must be published and kept up-to-date.

  5. (4)

    The rules are:

    1. (a)

      BCOBS 7.3.1R (information needed to open a current account);

    2. (b)

      BCOBS 7.3.3R (information about how an account may be opened); and

    3. (c)

      BCOBS 7.5.1R and 7.5.2R (information about the availability of certain services and helplines).

How must information be published?

BCOBS 7.7.2 R
  1. (1)

    1A firm to which this chapter applies must:

    1. (a)

      publish on its website the information and statements which this chapter requires it to publish;

    2. (b)

      ensure that the information and statements are easily accessible by a banking customer or a potential banking customer; and

    3. (c)

      notify the FCA of the website location where the information and statements are published, no later than the day of their publication.

  2. (2)

    A firm to which this chapter applies must include the following statement at the head of the webpage on which it publishes information and statements under the rules specified in BCOBS 7.7.1R(2) and 7.7.1R(4)(c): “The Financial Conduct Authority requires us to publish the following information about our [personal/business] current accounts:”.

  3. (3)

    A firm must make the information and statements published in accordance with this chapter, with the exception of information published under BCOBS 7.6A (overdraft pricing information), 4 publicly available free of charge by means of an application programming interface, if it is a firm:

    1. (a)

      to which this chapter applies;

    2. (b)

      which is subject to the provisions of either or both of:

      1. (i)

        article 13 (release of service quality indicators) of the Retail Banking Market Investigation Order 2017; and

      2. (ii)

        regulations 69(2)(a) and 70(2)(a) of the Payment Services Regulations; and

    3. (c)

      which uses an application programming interface for the purposes of a provision specified in (b).

  4. (4)

    A firm to which (3) applies must:

    1. (a)

      ensure that the application programming interface it uses for the purposes of (3) is itself made publicly available free of charge; and

    2. (b)

      if it is a firm which is subject to article 13 (release of service quality indicators) of the Retail Banking Market Investigation Order 2017, use the Open Banking FCA Service Metrics API Specification v.1.0.0, or a substantially similar API, to make information and statements available for the purposes of (3).3

  5. (5)

    A firm which is subject to article 13 (release of service quality indicators) of the Retail Banking Market Investigation Order 2017 must:

    1. (a)

      on the webpage on which it publishes information under that article, include a link to information which it is required to publish under the rules specified in BCOBS 7.7.1R(2) and 7.7.1R(4)(c); and

    2. (b)

      on the webpage on which it publishes information under the rules specified in BCOBS 7.7.1R(2) and 7.7.1R(4)(c), include a link to information which it is required to publish under that article.

BCOBS 7.7.3 G
  1. (1)

    1Firms should publish information and statements under this chapter on their websites. The FCA would view the information and statements as “easily accessible” if the information and statements, or a link to the webpage(s) on which the information and statements are published, are prominently displayed on the firm’s or the brand’s homepage for personal current accounts or, as the case may be, business current accounts.

  2. (2)

    A 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 (see BCOBS 7.3.4G(2)). But the information which is to be published in the format of the other Tables in Part 2 of BCOBS 7 Annex 1R2 should appear on one webpage (that is, one webpage for personal current accounts, and one for business current accounts) and in the order set out in that Part of that Annex.

  3. (3)

    Firms may notify the FCA of the webpages on which they publish information under this chapter by sending a link to the relevant webpages to retailbanking@fca.org.uk.

  4. (4)

    A firm which is required to publish information under article 13 of the Retail Banking Market Investigation Order 2017 (that is, the service quality indicators required by the Competition and Markets Authority) may wish to publish information under this chapter alongside information published under that Order. If so, the firm should ensure that a reader of the relevant webpage would not infer from the wording or position of the statement required by BCOBS 7.7.2R(2) that the FCA has required the firm to publish the information which that Order requires the firm to publish.

  5. (5)

    Article 13 of the Retail Banking Market Investigation Order 2017 requires certain firms to use an application programming interface (“API”) to publish the service quality indicators specified by the Competition and Markets Authority. Regulations 69 and 70 of the Payment Services Regulations require payment service providers to “communicate securely” with payment initiation service providers and account information service providers in accordance with the regulatory technical standards adopted under Article 98 of the Payment Services Directive; firms might use an API for that purpose.

  6. (6)

    Where a firm uses an API for the purposes of article 13 of that Order or, if article 13 of that Order does not apply to it, for the purposes of regulations 69 and 70 of the Payment Services Regulations, BCOBS 7.7.2R requires the firm to make information and statements published under this chapter, other than personal current account overdraft pricing information, 4 also available through an API; both the API and the information and statements made available through it should be publicly available and free of charge. Firms that are not subject to the Order or to those provisions of the Payment Services Regulations are, however, free to choose to make the information or statements published under this chapter available by API.

BCOBS 7 Annex 1 Publication of information in a specified format

R

1 Part 1 Information about how to open a current account

1Table 1: account opening information published under BCOBS 7.3.1R and BCOBS 7.3.3R(1) and (3)

To open [this account OR any of our accounts], a new customer will need to provide us with the [following documents and information OR the documents and information set out [link to webpage on which the list is published]]. We may request additional information or documents in individual cases.

OR

We do not publish a list of the documents and information which all new customers will need to give us in order to open [this OR an] account.

You can open [this OR an] account:

• without visiting a branch

[✔/yes OR X/no OR in some cases]

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

[✔/yes OR X/no OR in some cases]

• by sending us documents and information electronically

[✔/yes OR X/no OR in some cases]

• by post

[✔/yes OR X/no OR in some cases]

Part 2 Information about current account services

BCOBS 7 requires firms to publish the following tables in the following order, on one webpage, and preceded by the statement “The Financial Conduct Authority requires us to publish the following information about our [personal/business] current accounts:”.

Table 2: availability of help and support in relation to certain services published under BCOBS 7.5.2R

How and when you can contact us to ask about the following things:

24 hour help?

Telephone

2

Internet banking

Mobile banking

contact details

checking the balance and accessing a transaction history2

[✔/yes OR X/no]

sending money within the UK, including setting up a standing order

[✔/yes OR X/no]

sending money outside the UK

[✔/yes OR X/no]

paying in a cheque

[✔/yes OR X/no]

cancelling a cheque

[✔/yes OR X/no]

cash withdrawal in a foreign currency outside the UK

[✔/yes OR X/no]

a lack of funds: including unarranged overdrafts, payments we allow despite lack of funds and payments we refuse due to lack of funds

[✔/yes OR X/no]

a direct debit, or allowing someone to collect one or more payments from your account using your debit card number

[✔/yes OR X/no]

third party access to an account, for example under a power of attorney

[✔/yes OR X/no]

problems using internet banking or mobile banking

[✔/yes OR X/no]

reporting a suspected fraudulent incident or transaction

[✔/yes OR X/no]

progress following an account suspension or card cancellation, e.g. following a fraud incident

[✔/yes OR X/no]

account opening: including eligibility for an arranged overdraft, what is required to open an account and an indication of what arranged overdraft may be available

[✔/yes OR X/no]

Note: this is a list of common queries. It does not represent the full list of queries you can raise in relation to your account [or queries you can raise in one of our branches].

Table 3: availability of certain services published under BCOBS 7.5.1R

How and when you can use your bank account to do the following things:

2

Telephone banking

Internet banking

Mobile banking

checking the balance 2

accessing a transaction history2

sending money within the UK2

setting up a standing order2

sending money outside the UK

paying in a cheque

cancelling a cheque

Note: this is a list of common actions. It does not represent the full list of actions you can take in relation to your account [or actions you can take in one of our branches].

Table 4: information about operational and security incidents published under BCOBS 7.6.1R

Information about operational and security incidents

We are obliged to notify the Financial Conduct Authority if we become aware of a major operational or security incident which prevents our customers from using our payment services.

In the 3 months between [e.g. 1 April 2018 and 30 June 2018]

In the 12 months between [e.g. 1 April 2018 and 31 March 20192]

Total number of incidents reported

Incidents affecting telephone banking

Incidents affecting mobile banking

Incidents affecting internet banking

Table 5: complaints data published under BCOBS 7.6.3R

Complaints data

Financial Conduct Authority rules require us to provide them with a report of our complaints data every six months. In certain circumstances, we are also required to publish a summary of our complaints data.

The most recent summary is available [indicate where e.g. website address]. OR We are not required to publish a summary of our complaints data for the most recent six month period.

The Financial Ombudsman Service publishes its complaints data every six months. You can see their complaints data about us at http://www.ombudsman-complaints-data.org.uk/.

OR

The Financial Ombudsman Service publishes its complaints data every six months. Its most recent publication does not contain any data relating to us.

Table 6: account opening information published under BCOBS 7.3.3(4)R

Opening a current account with us

Go to [insert link(s) to the information published underBCOBS 7.3.1RandBCOBS 7.3.3R(3)] to find out how you can open an account, and what information and documents you need to give us to open an account.

OR

We do not publish information about how you can open an account or what information and documents you need to give us to open an account.

Table 7: account opening information published under BCOBS 7.3.5R

How quickly do we open [personal/business] current accounts?

We give customers an account number and enable them to start paying into the account:

• the same day, for [x]% of customers;

• on average, in [x] days; and

• within [x] days for 99% of customers.

(for firms that publish a list underBCOBS 7.3.1R) These figures are based on the time taken from our receiving all the information and documents we ask for at [insert link(s) to the information published underBCOBS 7.3.1R], in a case where we don’t need any further information or documents to open the account.

OR

(for firms that do not publish a list underBCOBS 7.3.1R) These figures are based on the time taken from when we first receive an application to open the account.

How quickly do we give customers a debit card?

Once an account is open, we give customers a debit card:

• the same day, for [x]% of customers;

• on average, in [x] days; and

• within [x] days for 99% of customers.

How quickly do customers get internet banking?

Once an account is open, customers have internet banking:

• the same day, for [x]% of customers;

• on average, in [x] days; and

• within [x] days for 99% of customers.

How quickly is an overdraft available?

Once an account is open, the overdraft is available:

• the same day, for [x]% of customers;

• on average, in [x] days; and

• within [x] days for 99% of customers.

Table 8: time taken to replace a lost, stolen or stopped debit card published under BCOBS 7.4.1R

Replacing a debit card

How quickly do we replace debit cards which have been lost, stolen or stopped?

We replace debit cards:

• the same day, for [x]% of customers;

• on average, in [x] days; and

• within [x] days for 99% of customers.

3Table 9: pricing information about personal current account overdrafts

What is the interest rate being charged on our products?

Product

[Range of] annual interest rate[s] payable for arranged overdrafts on [30 September 2020]

[Range of] annual interest rate[s] payable for unarranged overdrafts on [30 September 2020]

Refused payment fee on [30 September 2020]

[name of product]

xx.x%-xx.x%

xx.x%-xx.x%

£x

[name of product]

xx.x%

xx.x%

£x

How do our overdrafts compare?

A good way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the APR. The APR shows the cost of borrowing over a year.

Information about overdraft pricing in the 3 months between [eg 1 July 2020 and 30 September 2020]

Product

[Range of] Advertised APR[s] during the quarter

[name of product]

x%

[name of product]

xx.x%- xx.x%