There are a number of issues close to our heart. This page will give a little more information about some of them. If you feel there is a basic principle which could be aired here, let us know.
At
the moment financial institutions in the UK have individual control of substantial 'dormant' funds and property -reportedly £41 billion- which rightfully belong to customers or their next of kin.
Records relating to these funds are kept in one or more archives at each company, some on paper, some on microfilm and some on current or outdated computer systems. We feel that all such funds should be kept by an independent body such as the Bank of England, and one central record should be kept of the name(s) and address(es) of the original customers so that relatives, or the customers themselves, can search to find forgotten or lost accounts. We would like to see the records freely available on the Internet.
The
formal Code of Banking Practice which governs how banks deal with their personal customers has been reissued in 1997. It is a very general document which does not require specific standards of performance from any institution subscribing to it.
NABC has gone through several thousand helpline calls received over the past few years to try to set standards which either (i) would have prevented a situation arising at all or (ii) would have led to a rapid and practical settlement. Our 'Banking Charter' will be available shortly - does your institution comply with it?
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