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31 May 2006
Consumers can enjoy further protection on their loans with new best practice standards issued by the Finance & Lending Association (FLA).
The new lending code comes into force on June 1st and is a further commitment to making sure customers receive fair and transparent treatment when taking out a loan with one of the association's members, it said.
Covering credit cards, store cards and various loan agreements including motor and personal loans, the new guidelines will give customers more rights than those provided by law, the FLA said.
"These enhanced 2006 codes set new industry standards to ensure our members - whether they provide consumer credit finance or finance for business - adhere to strict rules and guidelines," commented FLA director general Martin Hall.
The FLA said that the code is aimed at assuring consumers that they can buy with confidence and without pressure from its members.
It has also released a business finance code, containing guidelines for best practice for business finance activities.
If you're thinking of purchasing something on credit, you will be checked. Order your credit report first to make sure it's up to date and accurate.
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