The sponsors of the banking codes in the UK, which include the British Bankers' Association, the Building Societies Association and APACS - the UK payments association, have announced the changes that will be made to the personal and business banking codes from March 2008 following a public consultation and review by independent reviewer Mike Young.
Among the new measures being adopted are: More help for customers who may be heading towards financial difficulties; greater clarity of information on products, including pre-sale summary boxes for unsecured loans and savings accounts; prohibition of account closure solely because a customer has made a valid complaint; strengthened credit assessment practices to enhance responsible lending; information on the forthcoming unclaimed assets (dormant accounts) schemes; greater certainty in cheque clearance and greater transparency of information for credit cards and credit card cheques.
Angela Knight, CEO of the British Bankers’ Association, said: The banking code is the charter that sets out how customers are treated by their banks and building societies. It is there to ensure that everyone – both customers and financial providers – know what they have to do and where their responsibilities lie. 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.