Business Banking Code
The Business Banking Code (Code) is a voluntary code followed by banks and building societies in their relations with business customers in the UK. As a subscriber to the Code, the Bank must ensure that all Code requirements are complied with.
Business customers are defined within the Code as sole traders, partnerships, limited liability partnerships and limited companies with an annual turnover of under £1 million, as well as associated charities and clubs with an annual income of under £1 million.
The Code sets standards of good banking practice which are followed by those financial institutions subscribing to it. This revised edition is effective from March 2008.
The Code provides business customers with valuable protection and explains how financial institutions are expected to deal with them on a day-to-day basis and in times of financial difficulty.
The Code does not apply to currency accounts, factoring (invoice services), leasing, asset finance, hire purchase, investments or insurance.
To find out more about the Code click on one of the links below:
Key commitmentsThe Banking Code Standards Board
Code Compliance Officer
How to obtain copies of the Business Banking Code
