The new Banking Code is to take effect today, underpinned by eight key commitments and new standards.

Among the eight commitments outlined in the revised code are a number relating to the provision of loans.

The code pledges a new commitment to responsible lending, as well as working towards strengthened credit assessment practices to further this aim.

Increased help for customers with financial difficulties, clearer product information through the use of summary boxes and the prohibition of account closure in the event of a valid complaint are also among the code's key commitments.

Angela Knight, chief executive of the British Bankers' Association, says that the alterations to the code are directly related to consumer priorities.

"The long consultation process, now complete, has shown clearly what customers want and expect from their banks. That has been the driver for these changes," she comments.

The BBA represents 223 members from 60 countries as the leading association for the UK financial services industry.
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