The Lending Code
The Lending Code is a self-regulatory code of practice which sets standards for banks, building societies and credit card providers to follow when they're dealing with their individual or personal customers and micro-enterprise customers.
It applies to consumers, businesses that employ fewer than 10 people with an annual turnover or balance sheet less than €2m and charities with an income of less than £1 million. It covers current account overdrafts, loans, credit cards and lending to micro-enterprises and charities. It does not apply to non-business borrowing secured on land or to sales finance.
Under the Lending Code, our key commitments to you include:
- making sure that advertising and promotional literature is fair, clear and not misleading, with clear information about our products and services
- giving you clear information about products and services before, during and after the point of sale, including how they work, their terms and conditions and the interest rates and charges that apply to them
- providing regular statements (if appropriate), and informing you about changes to the interest rates, charges or terms and conditions
- lending money responsibly
- dealing quickly and sympathetically with things that go wrong, and acting sympathetically and positively when considering a customer's financial difficulties
- treating your personal information as private and confidential, and providing secure and reliable banking and payment systems
- making sure our staff are trained to put this Code into practice