Parliamentary Researchers Network1
15/11/2011

The BBA is pleased to publish its first in a regular series of briefings for its Parliamentary Researchers Network. The aim is to keep key Parliamentary contacts informed with the key issues and developments regarding the banking and financial services. This paper sets out a number of key industry publications that will be of benefit to those working in Parliamentary offices. We hope you find the briefing useful and informative. Please don’t hesitate to contact us with any questions or comments.

Introduction to the BBA

The BBA is the leading trade association for the UK banking and financial services sector.  We speak for over 200 member banks headquartered in that collectively provide the full range of banking and financial services and make up the world’s largest international banking centre, operating some 150 million accounts and contributing £50 billion annually to the UK economy.
The BBA works with members of the House of Commons and House of Lords from across the political spectrum on a range of constituency, Parliamentary and industry issues.

Activity in Westminster

The BBA can provide briefings on a variety of issues as part of Parliamentary debates, Select Committee hearings, scrutinty committees, APPG and APG meetings and other types of activity in Westminster.  Please do get in touch if you would like further information on the type of information we can provide or to request a specific briefing.

Banking information for constituents

The BBA is committed to working with its members and stakeholder organisations to provide information on a range of topics. We have highlighted five issues below on which we receive the most number of queries from Parliamentary staff and Members. Please click on the hyperlinks to access the publications. This briefing can also be viewed online at www.bba.org.uk/PRN.  

1) Consumer and Business lending

Guide to the Lending Code – this document gives information about how loans and credit are assessed for personal customers.

Guide to the Lending Code for Micro Enterprises – gives information about loans and credit for businesses with fewer than 10 staff and a turnover of no more than €2 million.

Lending Principles for Larger Enterprises – gives information on the principles for lending to medium-sized enterprises.

2) Dealing with debt

Dealing with Debt – this leaflet gives advice for consumers having problems dealing with debt issues.  It sets out what steps can be taken to avert financial difficulties and also what can be done to deal with them when they arise.  As well as giving direct advice and guidance, the leaflet also gives details of other organisations which can offer help.

You may also be interested to see this publication - ‘Debt: how to do the right thing’ - produced in conjunction with Citizens Advice as part of the Addressing Financial Difficulties working group. The report outlines how consumers can be helped manage their relationship with creditors and sets out various steps and pointers to successfully managing debt.

3) Lost accounts

Lost Accounts – details how consumers can trace money stored in lost bank accounts.  The MyLostAccounts service has performed over 400,000 searches for lost bank accounts and has reunited customers with £475million of lost funds.  The free service can be used online or through the post and is provided by the British Bankers’ Association, the Building Societies Associaton and National Savings and Investments.

4) Credit Report Searches

Credit report searches – this factsheet gives details of previous searches of consumers’ credit reports which allows them to track who has been searching their credit history.  The document outlines the background to credit report searches and gives advice as to how to manage credit records and address mistakes which are noted on credit files.

5) Banking for people who lack capacity to make decisions 

This leaflet will help constitutents if they need to take on the financial and property affairs of someone who lacks the capacity to look after them alone. It gives guidance on how a bank or building society account can be operated on another person’s behalf and details the various ways in which another person’s finances can be managed (for example using an Enduring Power of Attorney or Lasting Power of Attorney). This guide applies to England and Wales. There is a separate leaflet for Scotland.

Key BBA contacts

Please do get in touch if you have any questions or would like further information about the issues highlighted above or another banking and financial services related issue.
We will be sending out editions of this newsletter once or twice a month and welcome your feedback on any aspects of the service.

Ben Andersen-Tuffnell
Director of Government Affairs
E: ben.andersen-tuffnell@bba.org.uk
T: 020 7216 8808 

Mark Cazaly
Government Affairs Advisor
E: mark.cazaly@bba.org.uk
T: 020 7216 8904