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The FreePint Bar is generously sponsored by Dow Jones Factiva.
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| Start New | Message Index | Flat View |
| UK Financial Definitions Required |
| Author: | Stuart Cliffe |
| Date: | Monday, 24th Sep 2001 17:44 |
| Views: | 3,655 (excluding Digests and RSS feeds) |
| Category: | Company, Industry, Country and Product Research | | URL: | http://www.freepint.com/go/b13003 |
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Banking customers in the UK are protected(?) by something called the Banking Code - which my group have derided for some time as being just an extended promise to play nice with customers, lacking any specific teeth.
The one apparent benefit is a section which commits banks to treat customers in 'financial difficulty' as 'sympathetically as possible'.
While that is still very general, it seems to mean that calling in the mortgage and tearing up the chequebook should not be the first order of business in a crisis.
We'd actually like to formalise our interpretation of this section, but having spent hours trawling glossaries, government, financial and legal sites (most courtesy of links found here!) I still lack any usable real-world definition of 'Financial Difficulty' or 'Sympathetic Treatment' in this context.
Customers in the US are protected by things like Fair Debt Collection and Dormant/ Unclaimed Funds regulations (which we'd also like to see in the UK), but we haven't found any comparable wordings for Financial Difficulty or the treatment thereof.
Any members of the Bar with suggestions as to interpretations or possible sources? Much thanks in advance..
Stuart
National Association of Bank + Insurance Customers
www.LemonAid.net |
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| Start New | |
| Topic |
Author |
Date |
ID |
 | UK Financial Definitions Required | | Banking customers in the UK are protected(?) by something called the Banking Code - which my group have derided for ... |
|
Stuart Cliffe |
24/09/01 17:44 |
13003 |
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Stuart Cliffe |
25/09/01 16:00 |
13023 |
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Roger Cook |
26/09/01 10:24 |
13037 |
 | Re: UK Financial Definitions Required | | Hi Stuart
This doesn't have what you want but it may be useful on another occasion:
The Dictionary of Financial Risk management
http://risk.ifci.ch/Glossary.htm
Cheers
Simon
Content ... |
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Simon Collery |
25/09/01 16:43 |
13027 |
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Roger Cook |
25/09/01 10:39 |
13019 |
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