moneysupermarket.com: regulatory changes to Banking Code

Commenting on the introduction of regulatory changes to the Banking Code from Monday, March 31, Kevin Mountford, head of savings at price comparison site moneysupermarket.com, said:
"Broadly speaking people will see the benefits of these changes, but they simply don't go far enough.

"At last, banks will finally have to help their customers switch current accounts. And strengthening the credit assessment process so providers only lend to people who can afford the debt, as well as introducing measures to identify and help customers who may be heading towards financial difficulty, are to be applauded.

"However, despite trumpeting the need for greater transparency and product information savers are being failed. Providers will still not immediately informing customers when they introduce new savings products the same as those currently held by their customers, but with higher rates. Unfortunately, until providers agree to self regulation in this area they will continue to pay lip service to 'treating customers fairly' and leave their savers languishing in poorly paying accounts."