UK Money News
31st March 2008
Banks sign up to new code of conduct
UK banks and building societies are from today to be compelled to act more responsibly towards their customers.
Under a new code of conduct, lenders have pledged to be more proactive in their treatment of borrowers.
This entails the banks contacting customers whose financial records suggest they are at risk of falling into debt and providing them with the details of institutions who can counsel them, such as Citizens Advice.
Meanwhile, customers will be encouraged to make contact with their banks more readily in the event of their falling into problems so as to agree to a pragmatic repayment plan.
The code will also force lenders to adopt a more stringent approach to their loan criteria, as part of a drive to encourage more responsible lending.
Angela Knight, chief executive of the British Bankers' Association, said: "This new Banking Code gives strong commitments that banks will lend responsibly and will help customers who may be heading towards financial difficulties.
"The long consultation process, now complete, has shown clearly what customers want and expect from their banks. That has been the driver for these changes."
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