Banks will make products simpler to understand
www.moneynews.co.uk > Personal loans > Banks will make products simpler to understand
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Money News |
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Banks will make products simpler to understand
Wed 17th Sep 2008
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The Daily Mail reported the news that independent reviewer Mike Young recommended "summary boxes" to provide the key information.
He said this would improve trust and transparency.
All pre-sales pamphlets and brochures will carry the summary boxes.
Mr Young had also recommended that they be available for after the sign-up, but the industry declined.
According to the Mail, savings accounts have become more complex as banks and building societies compete for customers.
Consumers suffering from the credit crunch are turning from credit cards to personal loans, a survey by accountant Wilkins Kennedy found last month.
The Financial Times reported the study, which also discovered defaults on lending have led to an increase in claims of bankruptcy.
Nick O'Reilly, president of the Association of Business Recovery Professionals, was reported to note that banks are "tougher on credit card lending".
Related News : Personal loans |
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