right of set-off

95(in BCOBS) any right of a firm, whether under a contract for a retail banking service or the general law, to set off or combine:

1. (a) any debt due from a consumer; or
2. (b) any debit balance on an account held by a consumer;

against or with:

1. (c) any sum payable by the firm to the consumer; or
2. (d) any credit balance on an account held by the consumer;

that has the effect of reducing, discharging or extinguishing the firm's liability to the consumer or the credit balance on the account held by the consumer.