BCOBS TP 1 Transitional Provision

1(1)

(2)

(3)

(4)

(5)

(6)

Materials to which the transitional provision applies

Transitional provision

Transitional provisions: dates in force

Handbook provisions: coming into force

1

BCOBS

R

Expired4

51A

BCOBS 2A.1.1R(1) to (3)

R

A firm need not comply with BCOBS 2A.1.1R(1) to (3) in relation to an automatic renewal of an agreement for an optional additional product which was entered into on or before 31 March 2016 provided:

From 1 April 2016

On 1 April 2016

(1)

the automatic renewal of the agreement is on substantially the same terms. The phrase “on substantially the same terms” is to be interpreted in the same way as in BCOBS 2A.1.1R(11)(b) and (c);

(2)

on the occasion of the first automatic renewal on or after 1 April 2016, the firm takes reasonable steps to ensure that the banking customer is informed:

(a)

that the renewal of the agreement is optional;

(b)

that the banking customer may elect not to renew the agreement; and

(c)

of the effect of the non-renewal of the agreement, if any, on the retail banking service; and

(3)

the procedure to be used by banking customers for electing not to renew the agreement pays due regard to the interests of those banking customers and treats them fairly.

2

BCOBS 4.1.1 R

R

Expired4

3

BCOBS 4.1.1 R

G

Expired4

4

BCOBS 4.1.1 R

R

Expired4

5

BCOBS 5.1.13 R

R

Expired4

26

BCOBS 4.1.1 R

R

Expired4

37

BCOBS 4.2.2 G4

R

Expired4