Which one of the following items of information is NOT required to be included in a bank's Terms of Business?

• A. Trading name, if different to its legal name.
• B. List of all its directors.
• C. Outline of action the bank may take in the case of default by the consumer.
• D. General statement of the charges imposed directly by the bank.

Answer: (B)

Terms of Business are intended to provide customers with clear, practical information about the banking relationship. They must identify who is providing the service (including the trading name if it differs from the legal name) so customers know exactly who they’re dealing with, outline the actions the bank may take if the customer defaults so the consequences are understood, and state the charges the bank may impose so costs are transparent up front. A list of all directors, while publicly available elsewhere, is not required to be included in the Terms of Business because this governance detail does not impact the customer’s day-to-day rights or the contractual terms of the banking service.