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Just when many analysts had come to terms with the 3.5% rise in retail sales in May and the fact this did not seem correct, June has seen a fall of 3.9% in sales – the worst fall in 22 years. The...
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Monday 31st March 2008
UK borrowers are set to benefit from the introduction of a new code of conduct for lenders, it has been announced.
As of today, the code has been amended to ensure banks adopt a more proactive approach to preventing customers from falling into debt.
Under the new rules, banks must study the financial records of customers and contact those who are at risk of suffering difficulties.
They are also to be compelled to apply more stringent lending criteria to customer seeking to take out a credit card or personal loan and to actively assist those who are looking to switch their account to another lender.
Angela Knight, chief executive of the British Bankers' Association, said: "This new Banking Code gives strong commitments that banks will lend responsibly and will help customers who may be heading towards financial difficulties.
"The long consultation process, now complete, has shown clearly what customers want and expect from their banks. That has been the driver for these changes."
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