The Banking Code 2008 - the key new provisions

A new commitment on responsible lending

Section 2 of the new Banking Code and Business Banking Code include key commitments requiring banks to treat customers fairly. One of these key commitments is to lend responsibly. Further information is included in the Banking Code Guidance.

A new commitment on current account switching

Section 2 of the new Banking Code and Business Banking Code includes key commitments requiring banks to treat customers fairly. One of these key commitments is to help customers switch their current account to another bank. Further information is included in Section 7 of each Code.

More help for customers who may be heading towards financial difficulties

Section 14 of the Guidance to the Banking Code requires banks to proactively contact customers whom the bank feels (from the information available to it) may be heading towards financial difficulty. Customers will be encouraged to talk to their bank and given information on sources of free independent money advice.

Related Links

Banking Code 2008 in PDF format (Internal Link)
Business Banking Code 2008 in PDF format (Internal Link)
Banking_Code_new_provisions (PDF)

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