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The FSA announced that the major UK-headquartered banks have agreed to implement a new code for financial reporting disclosure. The BBA Code for Financial Reporting Disclosure forms part of proposals, designed to enhance investors’ confidence in financial reporting and to aid their ability to compare and contrast banks’ performance.  It is based on an overarching principle that UK banks are “committed to providing high quality, meaningful and decision-useful disclosures to users to help them understand the financial position, performance and changes in the financial position of their businesses”.