The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Cheques are written orders from account holders instructing their banks to pay specified sums of money to named beneficiaries. They are not legal tender but are legal documents and their use is governed by the Bills of Exchange Act 1882,and the Cheques Acts of 1957 and 1992.
There is often confusion about how the clearing system works and the time it takes for a cheque to clear.
In November 2007, changes were introduced to increase clarity and certainty for all elements of the UK sterling cheque clearing process. For the first time, after paying in a cheque, you could be sure that at the end of six working days, the money is yours and you are protected from any loss if the cheque subsequently bounces, unless you are a knowing party to a fraud.
Find out more about cheques and other payments here on the Payments Council website.
The Financial Reporting Council (FRC) has been looking at how best to rationalise some of the audit guidelines in place by better integrating the guidance into the auditing standards themselves. Read More
Mike Conroy, BBA, Executive Director, Corporate and Commercial Banking said: “The first quarter of this year saw an upturn in applications for loans and overdrafts from SMEs, although volumes were Read More
Ian Jordan, Chair of the BBA’s Northern Ireland committee, said of the latest data: “The first quarter of the year saw an increased number of SME loan applications, leading to Read More