New banking code promises more help for consumers

A new banking code has been drawn up and is promising to ensure that British consumers who are facing financial difficulties are given more help from the service providers.

The changes to the way banks aim to operate in the UK are set to be introduced in March of next year and the British Bankers Association (BBA) is convinced that the measures will help customers, many of whom are struggling to become debt free.

Under the terms of the new code, banks in the UK will pledge to offer more information about the details of a particular financial arrangement and to “enhance responsible lending”.

“These revisions to the code reflect the need to keep up with a changing world,” said Angela Knight, chief executive of the BBA.

However, the Financial Services Consumer Panel, is keen to see banks in the UK be forced by regulations to treat their customers, including those with debt management problems, more fairly.