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  • Terms of Business

    • BC-8.6.2

      Conventional bank licensees must provide their retail customers with their terms of business, setting out the basis on which the regulated banking services are to be conducted (see also Paragraph BC-8.8.13).

      Amended: January 2011
      Added: April 2008

    • BC-8.6.3

      The terms of business in relation to providing regulated banking services as defined in Paragraph BC-8.2.1 to a retail customer must take the form of a customer agreement.

      Amended: January 2011
      Added: April 2008

    • BC-8.6.4

      The terms of business must include the rights and obligations of parties to the agreement, as well as other terms relevant to the regulated banking services. The terms of business must include, but are not limited to, the items included in Paragraph BC-8.13.2.

      Added: April 2008

    • BC-8.6.5

      An application form in relation to regulated banking services will be deemed to be a customer agreement, provided the form includes the principal terms and conditions of the service, such that the customer is provided sufficient information to allow him to understand the basis on which the service is to be conducted.

      Added: April 2008

    • BC-8.6.6

      The customer agreement must be provided in good time prior to providing the regulated banking service.

      Added: April 2008

    • BC-8.6.7

      For the purposes of Rule BC-8.6.6, ‘good time’ should be taken to mean sufficient time to enable the customer to consider properly the service or financial instrument on offer before he is bound.

      Added: April 2008