Current Consultations

As key stakeholders in the financial inclusion sector Transact believes it is vital that our members views are taken into account on issues of policy and regulation that affect people facing financial exclusion. Whilst consulation responses can be time-consuming and in depth, we would also encourage shorter responses from organisations who have a specific expertise to share. Where possible Transact will facilitate responses from members, and will liaise with members as appropriate.

The FSA are conducting a consultation into proposals to change the Banking Conduct of Business Sourcebook (BCOBS) guidance covering the right to set-off retail consumer accounts. Banks may choose use the right to set-off when a customer has an account in debit and an account in credit may choose to combine them and only be liable for the balance. 

Having their bank accounts combined in this way can have have a detrimental effect on vulnerable customers' ability to meet essential living costs and repay priority debts.  

Proposed changes cover the amount of information that financial institutions should provide to customers about the right to set-off and when it is appropriate for them to implement this right. 

The proposals begin at section 7 on page 44. The deadline for responses is September 6th. 

Click here to view the consultation