BBA has announced new provisions in the Lending Code, which cover:
- responsible credit assessment;
- opting out of unarranged overdrafts;
- supporting customers in financial difficulties;
- extension of the “breathing space” moratorium to customers using self-help;
- new standards on using the right of set-off; and
- customers in financial difficulties who have a mental health condition.
Plain language guides to the Code will be available in branches and, from July, will be given to all new borrowing customers.(Source: Press Release)