BBA publishes BCA standardisation proposal

CMA has updated its webpage on the retail banking and business current account (BCA) investigation. One of the new papers covers BBA’s proposals to standardise BCA opening procedures. The proposal covers

  • the core set of standard information and evidence requirements to open a BCA (the Standard Information Set);
  • the categories of SMEs which the Standard Information Set should apply to, and those which should be excluded;
  • where the Standard Information Set will be made available, and guidance on how information provided as part of an application can be verified;
  • guidelines on how banks should promote and communicate the requirements for opening a BCA to SMEs;
  • a governance mechanism for a periodic review of the Standard Information Set; and
  • an implementation timetable.

Emma Radmore