The British Bankers' Association's new Code for Financial Reporting Disclosure sets out the best principles for clear and transparent information about the UK's largest lending institutions, according to the organisation.
In complying with the Code, the banks will undertake not only to provide high quality disclosures in their annual and interim reports, but also to re-evaluate the disclosures given to ensure that they continue to be relevant and of high quality.
BBA chief executive Angela Knight said: "The highest quality financial information is essential to building market confidence and ensuring financial stability.
“The BBA Code for Financial Reporting Disclosure is an excellent example of the industry working together to enhance market practice. It surpasses all of the current international and local reporting requirements and fits with the call of from the G20 and others to identify the types of risk disclosure that are relevant and useful to investors."
The lenders voluntarily adopted the Code in their 2009 accounts and received very favourable feedback from the market. They will now meet before key accounting periods to share views on emerging and topical market issues and to discuss ways of enhancing the comparability of their disclosures.
They will also meet with the Financial Services Authority to report on the development of the Code.
