Part V Deposit-Taking and Consumer Credit Conduct of Business, 16 Conduct of Business for Banks, Other Deposit-Takers, and Payment Services Providers »
Richard ClarkFrom: McMeel and Virgo On Financial Advice and Financial Products (3rd Edition)
Edited By: Gerard McMeel, John Virgo
This chapter discusses the rules and regulations for the conduct of business of banks, deposit-takers, and providers of payment services. The banking and payment services conduct regime involves elements of both information regulation (an approach based on disclosure or transparency) and product regulation, in the sense of mandatory rights and obligations for the services provided. In contrast to the more highly regulated realm of retail investments, there is no attempt at advice regulation, albeit the Financial Services Authority has indicated that it is considering whether it should make further provision for advice on deposits, and in particular structured deposits (where the interest or return is dependent on the performance of an underlying index/indices, stock(s) or commodity/commodities).