BBA welcomes legally binding code of conduct

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BBA welcomes legally binding code of conduct

The British Banking Association (BBA) has welcomed the government's move to make the banking code of conduct legally binding.

Angela Knight, chief executive of the banking industry representative body, said that her organisation had worked on the proposals with the government and they would benefit banks as well as consumers.

Ms Knight added that the move would "give more certainty to all stakeholders by putting the banking codes on to a statutory footing".

The new statutes that the move will introduce would give the Financial Services Authority powers to impose potentially unlimited fines on BBA members is they were seen to be acting unfairly.

Yesterday the Queen's speech to mark the opening of parliament included the banking bill, which will accompany the new legally binding code of conduct.

If passed, the banking bill will make it easier for banks to borrow money from the Bank of England.
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