UK Money News
23rd November 2007
New banking code 'will empower consumers'
The soon-to-be-implemented UK Banking Code should empower consumers around the country, according to one expert on finance news.
Banks have affirmed their intention to abide by a new set of industry codes of practice and it is hoped that consumer who need help money or debt advice will be better served as a result.
Kevin Mountford, head of savings and current accounts at price comparison site moneysupermarket.com, is among those convinced that the new code will have a positive impact on the experiences of high-street banking customers around the country.
He said: This is all excellent news for consumers, many of whom have been at the mercy of big institutions for too long.
"The increased focus on helping consumers overcome financial difficulties is absolutely right given the escalating debt crisis we have seen over the last couple of years."
Figures compiled recently by the Credit Action charity suggest that the UK's overall personal debt burden increases by close to £1 million every four minutes.
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