Learning objectives
- 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
Welcome
What are BCOBS - General Standards?
Background to BCOBS
- The Banking Conduct regime
Banking customers
- Exercise: Banking customers
Principles for Businesses
Communications & financial promotions should be fair, clear & not misleading
- Exercise: Fair, clear & not misleading
Other general requirements for communications
Distance marketing
Information to be communicated to banking customers
- Exercise: Information to be communicated to customers
Client scenario: Unauthorised payments
- Client scenario 2
Client scenario: Incorrectly executed payments
- Client scenario 2
Client scenario: Right of set off
Statements of account
Post sale requirements
Cancellation
Client scenario: Account termination
Summary
Affirmation
Assessment
Economic Sanctions
Violation of sanctions issued by the UN, the US and the EU which place restrictions on payments and other financial transactions can result in fines as well as criminal charges.