A new version of the Lending Code was released on 31 March. The changes take account of the recommendations of an independent review of the Code, and include:
- more requirements for responsible credit assessment;
- provisions on customers’ ability to opt out from unarranged overdrafts;
- providing more support to customers in financial difficulties;
- extending the "breathing space" for debt collection to customers using self-help measures; and
- new standards on the appropriate use of the right of set-off.
(Source: Lending Code March 2011)