Fairer banking for Northern Ireland – UK next?


Banks in Northern Ireland have signed up to a code of practice for more ethical service, which has come after a two year Competition Commission investigation into banking. The Commission is proposing that some of the changes apply to UK banks.

Banks is Northern Ireland will now be obliged to do the following: 

        Provide clear information on the levels of charges and interest rates and how and when they are applied

        Provide every customer with an annual summary of the charges they have incurred and of interest paid and received

        Give customers at least 14 days’ notice from the date of their statement  before charges and debit interest are deducted from their account

        Remind customers annually of their right to close their account or switch

        Introduce improvements to the switching process, including offering a charge-free and interest-free overdraft facility for at least three months.

These developments strengthen our unions call for a Fair Lending Act in New Zealand, which is part of its Better Banks Agenda for Change. “If it is good enough for Northern Ireland to bring banks into line then it is good enough for New Zealand too,” said Finsec Campaigns Director Andrew Campbell.


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