BCOBS 1.1 General application

The general application rule

BCOBS 1.1.1R

This sourcebook applies to a firm with respect to the activity of accepting deposits from banking customers carried on from an establishment maintained by it in the United Kingdom and activities connected with that activity.

Limitations on the general application rule

BCOBS 1.1.2R

The general application rule is modified in the chapters of this sourcebook for particular purposes.

BCOBS 1.1.3R

Except as provided for in BCOBS 1.1.4R, this sourcebook does not apply to:

  1. (1)

    payment services where Part 5 and 6 of the Payment Services Regulations apply1; or

  2. (2)

    a person or firm which has permission for accepting deposits but only for the purposes of, or in the course of, an activity other than accepting deposits.

BCOBS 1.1.4R
  1. (1)

    Chapters 2, 2A,5 5 and 6 of BCOBS (except for BCOBS 5.1.11 R to BCOBS 5.1.19 R) and BCOBS 4.37 apply to payment services where Parts 5 and 6 of the Payment Services Regulations apply1.

  2. (2)

    Chapter 3 of BCOBS applies to payment services where Parts 5 and 6 of the Payment Services Regulations apply 1with the modifications set out in BCOBS 3.1.2 R(2).

  3. (3)

    A firm will not be subject to BCOBS to the extent that it would be contrary to the United Kingdom's obligations under an EU2 instrument.1

    2
BCOBS 1.1.5R

Exclusion of liability

BCOBS 1.1.6R

1A firm must not seek to exclude or restrict, or rely on any exclusion or restriction of, any duty or liability it may have to a banking customer unless it is reasonable for it to do so and the duty or liability arises other than under the regulatory system.

BCOBS 1.1.7G

1The general law, including the Unfair Terms Regulations (for contracts entered into before 1 October 2015) and the CRA, 4also limits the scope for a firm to exclude or restrict any duty or liability to a consumer.