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)