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Mutual industry body Abacus has launched a revised code of practice to set out responsible and ethical lending standards for members in plain English.
The new document, which draws on existing lending practices that are already in place in the industry, will help consumers ensure they enjoy the best possible relationship with their credit union or building society, according to Abacus CEO Louise Petschler.
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“The Mutual Banking Code of Practice is an initiative that plainly sets out the responsible and ethical lending practices of credit unions and mutual building societies – and this will further cement the already high customer confidence and satisfaction ratings of credit unions and building societies,” she said.
Among other things, the code promotes lending only to members what they can afford, maintaining reasonable exception fees compared to actual costs, and providing members with access to advice and dispute resolution services should they so require.
