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Banking regulation imminent

The Financial Services Authority (FSA) has revealed it is to begin regulating banks' and building societies' day-to-day contact with their customers from 1 November. Being brought under the regulator's remit will be everything from direct debits, payments, instant access and savings accounts through to unauthorised transactions and notification of interest rate changes. Amongst the myriad of changes will be the need for banks and building societies to give advance notice of changes to key terms and conditions, and pay interest on money transferred into current and instant access accounts immediately. Refunds of an unauthorised transaction must also be made unless a good reason can be made for investigating the claim. Dan Waters, the FSA's director of conduct risk, said the new regulations will put banking customers in the driving seat.