HISTORIC PRESS RELEASE : Deanne Julius to chair banking services consumer codes review [November 2000]

The press release issued by HM Treasury on 8 November 2000.

Better consumer services in banking and other financial services are the target of a review of industry codes of practice, Economic Secretary Melanie Johnson said today.

Announcing that the review, to be chaired by DeAnne Julius of the Bank of England Monetary Policy Committee, will begin work shortly, Miss Johnson said :

“The review is an important step forward in getting an improved deal for financial service consumers. I am pleased that the review will be carried out by a group from a broad range of backgrounds, including consumer bodies, the financial services industries and others familiar with customer concerns”.

“This will help the review to develop recommendations with a clear focus on consumer interests, so that codes of practice are easily accessible and easily understood. We want effective tools to ensure that consumers are treated fairly and in accordance with clearly set out standards.”

The codes to be reviewed include the Banking Code, Mortgage Code, the proposed Banking Code for Small Businesses, and the Statement of Principles of Business Banking.

The remaining members of the review group, who will serve in a personal capacity, will be named shortly. The review is part of the package of measures to improve competition announced in the Government response to the Cruickshank Report on Competition in UK Banking. The review group will welcome evidence from all interested parties. It has been asked to publish its findings by April 2001.