31 March 2008
Customers who get into financial trouble, possibly from credit cards, will be entitled to more help from service providers under the terms of the Banking Code, it has been revealed.
Banks must now get in contact with consumers if they think they are getting into trouble and offer them advice.
Moreover, a plan must be created in the bid to try and ease these financial concerns, while sympathy has to be given by the financial firms.
Chief Executive at the British Bankers' Association Angela Knight claimed that the move is a step forward and that consumers will undoubtedly be helped.
"This new Banking Code gives strong commitments that banks will lend responsibly and will help customers who may be heading towards financial difficulties," she commented.
She added that there has been a great deal of input from the public and this confirms what they want from services.
Another tenet of the code is that service providers have to be more responsible in their lending practices.
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