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Borrowers to receive protection from new lending code

Published: 02/11/2009

Consumers borrowing money are to be afforded with more protection due to the introduction of a new lending code, a banking body has claimed.

According to the British Bankers' Association (BBA), the new rules are to be adhered to by companies which provide credit cards, overdrafts, personal loans and charge codes.

The code will be monitored by the Lending Standards Board and will cover credit assessment, financial difficulties, debt collection and how to help consumers who are in debt due to a mental health condition.

Robert Skinner, chief executive of the Lending Standards Board, said: "The lending code sets out what it means to be a responsible lender covering both credit assessment and the support that will be available if things go wrong.

"It will be followed by all significant providers of credit products who currently subscribe to the banking codes."

The new legislation was introduced on November 1st after responsibility for monitoring the non-lending aspects of banking codes were handed to the Financial Services Authority.

© Copywright

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Last Updated: 11-02-2012