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April 1, 2008

New voluntary code for banks

by Gill Montia

Story link: New voluntary code for banks

A new version of the Banking Code and Business Banking Code has come into effect.

The voluntary code, which sets standards of good practice, is sponsored by the British Bankers’ Association, the Building Societies Association and APACS, the UK payments association.

In its latest form, it introduces new standards that should encourage the fair treatment of consumers and includes a commitment on responsible lending and the enhancement of credit assessment practices.

Customers who are experiencing financial difficulties can expect to receive more help from the finance sector and product information should be clearer, for example, through the use of pre-sale summary boxes for unsecured loans and savings accounts.

Information on how to search for a dormant account will be made available and customers should gain greater clarity on cheque clearance times and agreements on credit cards and credit card cheques.

The new code also prohibits account closure as a result of a customer making a valid complaint.

 

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