BKM508200 - The Annual Report: List of Adopters

The List of Adopters is a list of those banks which have adopted the Code during some or all of the reporting period.

Where, on or after 31 May 2013, a bank has notified HMRC in writing that it is unconditionally committed to complying with the Code that bank becomes a “participating” group or entity for the purposes of the Code and will appear on the List of Adopters until it ceases to be a participating group or entity. (“Participating” group or entity is the wording used in FA14 but in practice these groups or entities are referred to as banks which have adopted the Code).

Where the adoption covers all of a group’s operations in the UK, the List will normally include only an agreed principal name for the overall adopting group. Where requested, HMRC will include names in addition to the principal group name if:

  • the names on the Prudential Regulation Authority (PRA) lists are so different that it would not be obvious that they are connected and covered by the same adoption; or
  • a group operating in the UK does so through separately named and independently managed entities and their names are so different that it would not be obvious that they are connected.

The PRA lists are the lists of banks and building societies regulated by the PRA published on the Bank of England website (see BKM502300).

There are two circumstances where a bank ceases to be regarded as having adopted the Code:

  1. when it notifies HMRC in writing that is no longer unconditionally committed to complying with the Code; and
  2. when it is named in the annual report on operation of the Code as having breached the Code.

If a bank in category (a) later decides it wants to readopt the Code, it can do this by making a new written notification to HMRC saying that it is unconditionally committed to complying with the Code.

If a bank in category (b) later decides it wants to readopt the Code and makes a new written notification to HMRC to that effect, it will only be regarded as having adopted the Code again if HMRC is satisfied that the bank is committed to complying unconditionally with the Code.