Customer of a bank meaning

Introduction When contracting in a business-to-business setting, aim to secure as much contractual protection as your negotiating position allows. This checklist explains how key clauses can control risk and safeguard businesses-whether you are a supplier or a customer-and how to negotiate them to extract the greatest benefit... Key provisions General comments Payment Payment security Confirm the financial stability of the party you are buying from or selling to by carrying out a credit check. Decide if a payment safeguard is needed, for example: a parent company guarantee a letter of credit or a bank performance bond Customer Will the customer be able to honour its payment commitments? Consider obtaining credit insurance, and continue to run credit checks throughout the life of the contract to manage overall exposure to financial risk... Supplier Is the supplier financially capable of meeting your supply demands... Payment terms...

This Checklist outlines the principal matters to weigh up when preparing and negotiating a limitation of liability clause in a business-to-business (B2B) contract. It offers practical direction on negotiating and drafting these provisions-sometimes referred to as limitation clauses, exclusion of liability clauses, exclusion clauses or exemption clauses-in a commercial agreement, and reviews the effect of common law and statutory controls, including the Unfair Contract Terms Act 1977 (UCTA 1977) and the Misrepresentation Act 1967 (MA 1967). It addresses: General drafting points for limitation of liability clauses Key issues to evaluate Party-specific considerations Setting financial caps A summary of the principal common law and statutory controls Alternative methods to limit or exclude liability For a precedent limitation of liability clause with comprehensive drafting notes, see Precedent: Limitation of liability clause. For broader guidance on exclusion and limitation of liability, see Practice Note: Exclusion and limitation of liability. For a practical ‘how to’ on reviewing an exclusion and limitation of liability...

Domestic CBI publishes first edition of Payment and E-Money Newsletter The newsletter aims to deliver updates on significant regulatory developments across the payments and e-money sectors and to signpost relevant forthcoming changes. Topics featured in the newsletter include: Safeguarding thematic inspection — the CBI shares findings from a thematic examination of safeguarding across payment institutions (PIs) and e-money institutions (EMIs). The assessment considered the operational effectiveness of safeguarding procedures and the robustness of control frameworks within those firms Customer service — following an evaluation of customer experience through the lens of complaints, the CBI sets out its expectations for customer service, including in the context of the updated Consumer Protection Code (CPC) Fitness and probity — the CBI reminds PIs/EMIs: of the obligation to appoint a designated responsible person to the PCF-56 Head of Safeguarding role following changes to the list of pre-approval-controlled functions (PCFs) in November 2025, with further details to be issued by the CBI...

In April, Barclays lodged a bid for a judicial review of the Ombudsman’s ruling that its car finance arm had improperly paid a broker commission. The customer involved did not know any commission had been paid. To reach a judicial review hearing, the bank must first secure leave from the High Court. The FOS is thought to be opposing the application. A spokesperson stressed that borrowers taking out motor finance must be treated fairly, with complete clarity over the costs. They added that the service has now heard from over 30,000 individuals worried they were overcharged for their finance...

In this issue: New technologies Internet Media Advertising, marketing and sponsorship Telecommunications LexTalk®TMT: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information New technologies What the future of AI in financial services looks like AI is swiftly reshaping the financial services landscape. From tailored customer assistance to enhanced risk evaluation and tighter compliance, it is changing how institutions, consumers and markets function. On 31 October 2024, Sarah Breeden, the deputy governor of the Bank of England, reported the Bank had found that 75% of firms now employ some form of AI within their operations. Although the technology is still progressing, AI’s prospects across financial services are extensive and poised to make the sector more efficient, transparent and increasingly autonomous. Katie Simmonds, managing associate, Amy Battinson, solicitor, and Michael Lewis, partner, at Womble Bond Dickinson, assess expected AI trends in financial services, set out...

Scope of this Practice Note This Practice Note sets out the Eurosystem’s policy for the future of European payments, covering the comprehensive payments strategy published in March 2026, the Eurosystem cash strategy and the Eurosystem retail payments strategy. It assesses how these strands interact with the EU legal framework for payment services, electronic money, cryptoassets and the digital euro, including the recast Payment Services Directive (Directive (EU) 2015/2366) (PSD2), the proposed third Payment Services Directive (PSD3), the proposed Payment Services Regulation (EU PSR), the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA), the Instant Payments Regulation and the proposed digital euro regime. This Practice Note concentrates on strategy and policy direction. For more detail, see: the payment services perimeter, authorisation, conduct, transparency, security and strong customer authentication requirements: Practice Note: EU regulation of payment services-essentials electronic money (e-money) regulation: Practice Note: EU regulation of electronic money-essentials the digital euro and other EU related central bank digital currency issues: Practice Note: EU regulation of CBDCs...

This Practice Note examines core aspects of the UK framework for money market funds (MMFs) that stems from Regulation (EU) 2017/1131 (the EU MMF Regulation). It also looks at suggested changes to the framework, with the Financial Conduct Authority (FCA), HM Treasury and the Bank of England (BoE) working jointly to bolster its resilience and align it with post‑Brexit regulatory objectives. For background on the EU MMF Regulation, see Practice Note: EU MMF Regulation—essentials. What is an MMF? Money market funds (MMFs) are investment funds that invest in short‑term debt instruments and so play a significant role in the short‑term financing of the economy. In particular, MMFs are open‑ended, liquid investment funds that invest in fixed income through short‑term debt, for example money market instruments issued by banks, governments or companies (including treasury bills, commercial paper and certificates of deposit) which pay interest. They therefore form an important connection between demand for, and the supply of, short‑term debt. Further information on the eligible assets of an MMF is...

This Checklist This Checklist supports advisers to financial services firms-credit and financial institutions, cryptoasset exchanges and custodian wallet providers-seeking to comply with the UK anti-money laundering (AML) and counter-terrorist financing (CTF) framework. It concentrates on customer due diligence (CDD), or ‘Know your customer’ (KYC), record-keeping duties and related data protection matters under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692, regulations 40 and 41 (MLRs), alongside Financial Conduct Authority (FCA) rules. Incorporating regulatory guidance from the FCA and the Joint Money Laundering Steering Group (JMLSG), it also draws on materials issued for the insurance and banking sectors by the International Association of Insurance Supervisors (IAIS) and the Basel Committee on Banking Supervision (BCBS). It does not cover the MLRs’ additional record-keeping obligations for firms’ own risk assessments, policies, controls and procedures-such as MLRO reports, information not acted upon, training, and compliance monitoring-which are set out in Practice Note: The Money Laundering Regulations 2017 (MLRs)-essentials for financial services-Risk assessments, policies, controls...

Substantial cash transactions can indicate money laundering, terrorist funding, or proliferation financing. Do not take any monies (cash or otherwise) from a [ customer OR client ] until the [ customer OR client ] due diligence (CDD) checks have been finalised. While no statutory cap exists on cash, our internal cash policy states you must not receive cash [ over the limit of £[ 250 ] ] in the office or paid straight into our bank...

1 Definitions 1.1 For the purposes of this Schedule: Business Day – any day other than Saturday, Sunday, or a public or bank holiday in England; Change Control Procedure – the process described in clause [ insert ] (Change Control); [ Critical Service Level Failure – [ define as appropriate ]; ] Month – a calendar month; Service Credits – the credits due to the Customer when the Service Levels are not met, as outlined in paragraph 3 and the Annex; and Service Levels – the service levels specified in the Annex. 2 Service levels 2.1 The Supplier will deliver the Services in a manner that meets or exceeds the Service Levels contained in this Schedule. 2.2 The parties may introduce, remove, or revise Service Levels at any point during the Term, in line with the [ Change Control Procedure ]. For the avoidance of doubt, the Supplier shall not refuse or slow its agreement to...

This Agreement, dated [ insert date ] (the Commencement Date), is hereby entered into by the following, each as identified below: Parties 1 [ insert supplier name ], a company duly incorporated in England and Wales under number [ insert company number ], whose registered office is at [ insert registered office ] ( Supplier ); and 2 [ insert customer name ], a company incorporated in England and Wales under number [ insert company number ], whose registered office is at [ insert registered office ] ( Customer ). Each of the Supplier and the Customer constitutes a party, and together the Supplier and the Customer constitute parties to this Agreement. Background (A) The Supplier delivers website design and development services. (B) The parties agree that the Supplier will create a website [ and [ insert any other services that it has been agreed that the Supplier will provide ] ] for the Customer, in accordance with the terms of this Agreement...

Practice Note: Managing a trading relationship with a business in financial difficulty Start with this guidance at this stage. It explains that ordinary trade creditors are commonly the last to realise a company is under strain, because assessing if the finance director’s reassurance that ‘the cheque is in the post’ is accurate, or disguises a deeper issue, is not straightforward. For added detail, refer to Checklist: Contract risk management clauses—checklist. If you choose to go ahead with a set-off arrangement, the Lexis+® UK Construction clause bank: Set-off clause may prove useful for your consideration...

The rules of the Coronavirus Job Retention Scheme (CJRS) The CJRS is set out in Treasury Direction No 1 and No 2, supported by HMRC guidance on eligibility, furloughing staff, calculating 80% of wages and making claims. Employer eligibility: created and started a PAYE payroll by 19 March 2020 enrolled for PAYE online hold a UK bank account Employee eligibility: were employed on 19 March 2020 were on PAYE with an RTI submission to HMRC by 19 March 2020 For CJRS purposes, ITEPA 2003 s.4 defines employment, including contracts of service, apprenticeships and Crown service; the terms employed, employee and employer have corresponding meanings. Workers who fit this and the CJRS criteria are covered, and HMRC confirms limb (b) workers qualify. A limb (b) worker personally performs work under a contract where the other party is not a client or customer of the individual’s business. HMRC’s agency worker note confirms the agency,...

Agency agreements This Q&A addresses a non-exclusive agency arrangement, under which the principal may appoint other agents. It is assumed the arrangement is governed by the Commercial Agents (Council Directive) Regulations 1993, SI 1993/3053, which grant certain protections to the agent. The core provisions would cover: Terms of the agency (specifying the goods/services and the territorial reach of the mandate) Duties and responsibilities of the agent Duties and responsibilities of the principal Commission/fees payable to the agent and related expenses Intellectual property, proprietary rights and confidential information, providing that these rights and assets (including the principal’s lists of contacts and buyers, and the names and addresses of all the principal’s employees) remain the principal’s property, with all data to be handed back to the principal on termination of the agreement Termination The agent’s obligations could also include promoting the principal’s interests and ensuring there is no conflict between the agent’s own interests and those of the principal...