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12/11/2004
Credit card statements set to carry 'health warning'
Credit cards users will get a 'health warning' on their statements to help with their repayment plans under new guidelines to be introduced into the Banking Code, it has emerged today.
Banks and financial institutions will include 'health warnings' for minimum payment customers and oversee the wider availability of basic bank accounts following an independent review of the code carried out by Professor Elaine Kempson of Bristol University.
The Banking Code, which is voluntary, sets the standards of good banking practice for banks and building societies to follow when they are dealing with personal customers in the UK. The first code took effect from March 16 1992.
In her report, Prof Kempson – who was appointed as independent reviewer for the Banking Codes in 2001 – outlined a series of proposals for improving the way banks and building societies handle their credit card customers and customers in financial difficulty.
Following her recommendations, the new banking code will also include provisions for a summary box to be included on credit card agreements; new commitments to customers if branches close or services are reduced; better explanation for customers on how to claim balances on dormant accounts; and greater transparency of clearing cycles for electronic payments as well as cheques.
The new measures, some of which were the result of ideas put forward by the industry, and some by consumer groups, are due to take effect from March 1 2005.
Ian Mullen, chief executive of the British Bankers' Association, said that Prof Kempson's "sensible, practical and appropriate" recommendations would help make banks more transparent and responsive to customer needs.
Sandra Quinn, communications director at the Association for Payment Clearing Services, said: "It's great to see a new section on credit cards included: it makes sense to pull together all the issues the industry has proposed. It is another clear sign of the industry's commitment to improve transparency. We are a nation of card users and the industry wants to make sure we all have the information we need to understand how they work and to use them wisely."
(gmcg/sp)
Banks and financial institutions will include 'health warnings' for minimum payment customers and oversee the wider availability of basic bank accounts following an independent review of the code carried out by Professor Elaine Kempson of Bristol University.
The Banking Code, which is voluntary, sets the standards of good banking practice for banks and building societies to follow when they are dealing with personal customers in the UK. The first code took effect from March 16 1992.
In her report, Prof Kempson – who was appointed as independent reviewer for the Banking Codes in 2001 – outlined a series of proposals for improving the way banks and building societies handle their credit card customers and customers in financial difficulty.
Following her recommendations, the new banking code will also include provisions for a summary box to be included on credit card agreements; new commitments to customers if branches close or services are reduced; better explanation for customers on how to claim balances on dormant accounts; and greater transparency of clearing cycles for electronic payments as well as cheques.
The new measures, some of which were the result of ideas put forward by the industry, and some by consumer groups, are due to take effect from March 1 2005.
Ian Mullen, chief executive of the British Bankers' Association, said that Prof Kempson's "sensible, practical and appropriate" recommendations would help make banks more transparent and responsive to customer needs.
Sandra Quinn, communications director at the Association for Payment Clearing Services, said: "It's great to see a new section on credit cards included: it makes sense to pull together all the issues the industry has proposed. It is another clear sign of the industry's commitment to improve transparency. We are a nation of card users and the industry wants to make sure we all have the information we need to understand how they work and to use them wisely."
(gmcg/sp)
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EU May Prop Up Banks As Officials Land In Dublin
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EU May Prop Up Banks As Officials Land In Dublin
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20 August 2009
Building Society's Mortgage 'Surge'
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Building Society's Mortgage 'Surge'
EBS Building Society has expanded its share of the retail mortgage business The company's stake has grown by 5% to 18.5%. It also boosted its slice of the first-time buyer market during the first half of 2009 by 5%. The figures have been released by the Irish Banking Federation.
16 August 2001
Banks may face charges probe
Banks that charge extortionate fees to customers who accidentally go overdrawn or bounce cheques could be facing a full-scale investigation. The Banking Code Standards Board (BCSB) claims that people who run into financial difficulties are neither getting a fair deal nor being treated sympathetically by the banks.
Banks may face charges probe
Banks that charge extortionate fees to customers who accidentally go overdrawn or bounce cheques could be facing a full-scale investigation. The Banking Code Standards Board (BCSB) claims that people who run into financial difficulties are neither getting a fair deal nor being treated sympathetically by the banks.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
