Banks becoming 'more responsible', says Apacs

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Banks becoming 'more responsible', says Apacs

Tue 20th Feb 2007

Lenders are currently attempting to promote more responsible strategies when it comes to giving customers their money, according to payment association Apacs.

A spokesperson for the association has said that many credit card companies have made the conscious decision to stiffen their lending criteria

Labelling the new approach to lending a "change in perspective", the spokesperson added that Barclays in particular was now adopting a proactive attitude to becoming more responsible in terms of who it will lend money to.

"There's a whole range of different things that banks have done and some of them will be adopting a slightly different profile vis-a-vis the risk they are prepared to take," said the Apacs spokesperson.

The news comes as Barclays Bank announces annual profits of over £7 billion today, although the bank has remarked that £2.2 billion will be taken against doubtful and bad debts.

According to the Times newspaper, come the end of the reporting season, a cumulative total of £6.6 billion will be written off by UK banks due to bad debts.

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