Credit card holders get more protection
By UK CreditCards.com
A new code that aims to improve protection for people with credit cards and other loan instruments has come into effect.
The Lending Code has been jointly developed by the Lending Standards Board, the British Bankers' Association, the Building Societies Association and The UK Cards Association.
The new rules came into effect on November 1, and are intended to determine relationships between lenders and customers and ensure the latter receive help and support when needed. Particular emphasis has been placed on credit assessments, the use of credit reference agencies and debt collection.
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."
He added: "It will be followed by all significant providers of credit products who currently subscribe to the [now expired] Banking Codes."
Published: 2 November 2009
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