Voxly Vision
Does this apply to me?
BCOBS 2 applies to firms providing retail banking services, covering:
- Banks and building societies
- Current account and savings account communications
- Rate information and notifications of changes
It is enforced by the FCA and sits alongside the Consumer Duty, which raised the bar on whether communications actually help customers understand and act.
Key rules
The main requirements:
- Clear, fair and not misleading communications and promotions.
- Tell customers about rates — and clearly flag changes.
- Help customers act — e.g. understand whether to switch.
- Consistency with the Consumer Duty understanding outcome.
Common breaches
Where banks fall short:
- Generic mass mailings that don't explain the customer's own rate.
- Poorly communicated rate changes.
- Failing to prompt or enable switching.
How Voxly Vision checks an ad against this code
Every report shows an overall verdict, the rules at stake and a recommended fix. For banks, Voxly Vision checks savings and current account promotions for clear rate information before they go out.
Recent rulings
FCA cash savings review
Findings · 18 Sep 2024
Banks sent over 100 million savings messages in 2023, but generic mass mailings mostly didn't work. Many failed to explain the customer's current rate or the benefit of switching.
Rules: BCOBS 2 Communications, Consumer Duty
Frequently asked questions
What does BCOBS 2 cover?
How banks and building societies communicate about and promote current and savings accounts, including interest rates and changes.
How does it relate to the Consumer Duty?
They work together — BCOBS 2 sets banking-specific rules, and the Consumer Duty adds an outcomes-based understanding standard.
Do banks have to tell me about rate changes?
Yes, communications must clearly inform customers about rates and changes to them.
Who enforces BCOBS 2?
The FCA.