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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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20 February 2004
OFT to audit supermarkets in review of code of practice
The OFT's review of the Supermarkets Code of Practice, published today, found a widespread belief among suppliers that the Code is not working effectively. However, the review found "no hard evidence" to support this opinion and the OFT will therefore commission further work to establish how supermarkets deal with suppliers under the Code.
OFT to audit supermarkets in review of code of practice
The OFT's review of the Supermarkets Code of Practice, published today, found a widespread belief among suppliers that the Code is not working effectively. However, the review found "no hard evidence" to support this opinion and the OFT will therefore commission further work to establish how supermarkets deal with suppliers under the Code.
24 January 2012
Businesses Enter Ulster Bank Awards
Businesses have come out in force to highlight their good work in this year's Ulster Bank Business Achievers Awards. Almost 400 entries have been received for the prestigious scheme, with strong entry levels in categories such as 'International Business'; 'Best Business Start-Up'; and 'Innovation and Emerging Technology'.
Businesses Enter Ulster Bank Awards
Businesses have come out in force to highlight their good work in this year's Ulster Bank Business Achievers Awards. Almost 400 entries have been received for the prestigious scheme, with strong entry levels in categories such as 'International Business'; 'Best Business Start-Up'; and 'Innovation and Emerging Technology'.
07 October 2011
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
17 November 2010
EU May Prop Up Banks As Officials Land In Dublin
It has emerged that the Finance Minister Brian Lenihan has agreed to emergency EU bank funding as a number of EU officials make their way to Ireland. Despite stopping short of accepting a full bailout, Mr Lenihan has admitted for the first time the State's banks may need billions more of capital to stay afloat.
EU May Prop Up Banks As Officials Land In Dublin
It has emerged that the Finance Minister Brian Lenihan has agreed to emergency EU bank funding as a number of EU officials make their way to Ireland. Despite stopping short of accepting a full bailout, Mr Lenihan has admitted for the first time the State's banks may need billions more of capital to stay afloat.
20 August 2009
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.
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.
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Northern Ireland WeatherToday:A mostly cloudy day with outbreaks of rain, most persistent and occasionally heavy across southern and western counties this afternoon. Risk of low cloud and fog patches affecting the Down coast. Light winds. Maximum temperature 15 °C.Tonight:Continuing cloudy through the evening with further outbreaks of rain, the rain turning lighter and patchier from the south overnight. Winds remain light. Minimum temperature 8 °C.
