With the arrival of summer, we faced another round of problems with the worsening of the European sovereign debt crisis, as well as our own fracas on fiscal policy and the debt ceiling debates in Washington. These events all weighed heavily on business and consumer confidence.
The Code will further require banks to have in place effective complaints handling procedures and appropriate timelines within which complaints should be dealt with. This also means that banks will be directed to be the first “port-of-call” to offer redress for customers, by having dedicated complaints desks to handle customer grievances.