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Consumers can bank on changes to Banking Code

November 24, 2007 by admin  
Filed under News, News-Banking

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Changes are to be made to personal business and Banking Codes as the result of an independent review.

The review was followed up by a public consultation which drew out necessary reforms that will give consumers a fairer deal.

Among the reforms will be a step up in the amount of aid given to customers heading into financial trouble, greater clarity in cheque clearance and information on products and greater transparency of information for credit cards and credit card cheques.

Angela Knight, chief executive of the British Bankers’ Association, commented: “The Banking Code is the charter that sets out how customers are treated by their banks and building societies.

“These revisions to the code reflect the need to keep up with a changing world. It will continue to underpin the treatment and protection customers value and have every right to expect.”

Meanwhile, Paul Smee, chief executive of APACS, said that the improved transparent for cheque users is “great news” for all consumers but especially for those with basic bank accounts as well as small businesses.

Tags: Banking Code, apacs, great news, public consultation, british bankers association, cheque, Economy of the United Kingdom

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