The new Banking Code and Business Banking Code, which come into force today, will put pressure on banks and building societies to make a strong commitment to responsible lending.
The new code has been created as part of an independent review, following consultation with consumer groups, the FSA, Office of Fair Trading and HM Treasury, and promises to treat customers fairly and reasonably. Improvements to the Banking Code include new commitments on responsible lending, as well as more help for customers experiencing financial difficulties, according to the British Bankers’ Association (BBA). To help lenders make responsible decisions, strengthened credit assessment practices will be put in place and consumers will be given clearer information about products, includ...
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