It has been announced that both the personal and business Banking Codes will be changed in March 2008, in a move designed to help customers. The news was announced last week by the sponsors of the Banking Codes – APACS, the British Bankers’ Association and the Building Societies Association.
The changes are based on a public consultation and an independent review, with a large majority of the recommendations made set to be implemented. Perhaps the most important alteration is the greater help available to customers who may be heading towards financial difficulties.
Other changes have also been made with consumers in mind, such as the necessity of greater clarity of information on products and the prohibition of account closure solely because a customer has made a valid complaint. Furthermore, there will be greater certainty in cheque clearance and a greater transparency of information for credit cards .
New Banking Codes to Benefit Customers
Financial Services > e-banking > Banking news
New Banking Codes to Benefit Customers
Fri, 07 Dec 2007
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