Bank Services

Treasury written question – answered on 3rd July 2012.

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Photo of Margaret Ritchie Margaret Ritchie Shadow SDLP Spokesperson (Environment, Food and Rural Affairs), Shadow SDLP Spokesperson (Energy and Climate Change)

To ask the Chancellor of the Exchequer what assessment he has made of the adequacy of the regulation protecting consumers from systems errors affecting online bank accounts.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

It is a condition of a bank's licence that it has adequate internal control mechanisms, and effective procedures to identify, manage and report on any risks to which it might be exposed.

The application of the rules is a matter for the regulator, the Financial Services Authority. The regulator has set out specific requirements in its handbook for regulated firms relating to internal systems and controls. The handbook has statutory force.

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