The Terms and Conditions that form part of the contract between you and ICBC (London) plc (the Bank) have been revised to reflect the change in our regulator.
ICBC (London) plc is authorised and regulated to carry out business in the UK by the local regulatory body. On 1st April 2013, this regulatory body changed from the Financial Services Authority (FSA) to the Financial Conduct Authority and the Prudential Regulation Authority. This change reflects the UK government’s decision to divide responsibility for the conduct regulation of banks and the prudential regulation of banks, formerly the FSA discharged both of these functions.
Conduct regulation refers to how banks carry out the operational side of business. For ICBC (London) plc’s purposes the Financial Conduct Authority will supervise how we carry out our business, with an important aim to ensure that you, the customer, are treated fairly and are appropriately protected.
Prudential regulation refers to ensuring that banks maintain adequate resources to carry out business and to ensure that we have processes in place to make these resources are available if the Bank were to get into any difficulty. The Prudential Regulatory Authority will supervise ICBC (London) plc’s compliance with prudential regulation.
As a result of the change in regulators it is hoped that more focus will be able to given to prudential and conduct supervision. This aims to help raise the standards of banking in the UK by raising the protection of customers and enhancing integrity, competition and overall market stability. The Financial Conduct Authority and the Prudential Regulation Authority both have websites which provide lots of useful information for customers. Therefore, if you would like more information please go to the following websites:
Financial Conduct Authority: http://www.fca.org.uk/
Prudential Regulation Authority: http://www.bankofengland.co.uk/pra/Pages/default.aspx
This change in regulator is now reflected in our Terms and Conditions Version 7.3. This change will not impact your accounts with us, or the service we provide you. However if you have any questions please feel free to contact a member of staff at one of our branches. Copies of the new Terms and Conditions are available on the ICBC (London) plc website http://www.icbclondon.com/financialinfo/accterms.htm and on request.
81-85 Shaftesbury Avenue, London, W1D 5DX
Telephone Number：020 7397 3230
Opening hours: Monday to Friday: 09:30 – 16:00
Please note that due to planned refurbishment works, the Chinatown Branch will close temporarily from close of business on the 31st December 2013 for approximately 11 months. Please click here for more information.