Banks promise to be fairer in customer dealings

Tue Apr 1, 2008 12:23am BST

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LONDON (Reuters) - Britain's banks have pledged to lend responsibly and strengthen credit checking and will not be allowed to close accounts of customers who make a valid complaint under a revised voluntary code of conduct.

The new Banking Code, which came into effect on Monday, strengthens banks' commitment to "treat customers fairly and reasonably".

It has eight key commitments, including a pledge to provide more help for customers heading towards financial difficulties; clearer information about unsecured loans and savings accounts; greater clarity on credit cards; and information on how to find lost accounts.

The 15-year-old Banking Code is a voluntary one that sets the standard of good banking practice.

Groups representing Britain's banks, building societies and payment services firms agreed changes to personal and business banking codes following an independent review, which included consultation with consumer groups and government and regulatory bodies.

(Reporting by Steve Slater; Editing by David Hulmes)

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