Banks had 'grudging' attitude to code
Tuesday 08 September 1992
Professor Jack chaired a review committee that led to the introduction this year of a voluntary code of practice. But the banks' first version had to be extensively rewritten after widespread objections from consumer bodies that it did not meet requirements.
Professor Jack said the consequence of the banks' negative view of a code was that preparation 'took on the appearance of the mills of God, grinding extremely slowly and exceeding small'.
Their attitude reminded him of the story about Moses returning from the mountain with the Ten Commandments and reporting: 'I have got Him down to 10, but I'm afraid the one about adultery is still in.'
One example of the banks' slowness to respond was their opposition to the code's provisions on phantom withdrawals from cash machines, where they fought to limit their liability by inserting conditions about negligence.
However, Professor Jack did see 'encouraging signs of increased competition among the banks in standards of fairness'.
Regular cast member Ste Hay, played by Kieron Richardson, is about to test TV boundaries
- 1 Lee Evans announces retirement from comedy on The Jonathan Ross Show
- 2 Pirelli calendar 2015: The problem with 'plus-size' models like Candice Huffine
- 3 These grandmas smoking weed for the first time are wonderful
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Angelina Jolie confuses everyone with 'ay up me duck' East Midland's greeting to Derby actor Jack O'Connell at awards show
Jeff Fletcher dead: Britpop guitarist is decapitated by lorry in horrific traffic accident
These grandmas smoking weed for the first time are wonderful
Jimmy Ruffin dead: Motown legend, who wrote 'What Becomes of the Brokenhearted', dies aged 78
New York snowstorm: Five dead and state of emergency declared as 'wall of snow' buries Buffalo
Woman opens professional cuddling shop – gets 10,000 customers in first week
G20 summit: Enter Putin. Accompanied by four warships. To the sound of mockery
'Muslims pre-date Columbus in discovering America,' says Turkish president Erdogan
David Cameron 'compares Vladimir Putin’s Russia to Nazi Germany' ahead of tense meeting
Former Tory PM Sir John Major says 'we would not have an NHS without migrants'
France 'blocks' Russian sailors from boarding a warship
G20 summit: David Cameron warns Vladimir Putin that Russia's relationship with the West is at a 'fork in the road' over Ukraine
iJobs Money & Business
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...
$175 - $200 per annum, Benefits: full benefits: Carlton Senior Appointments: P...
Not specified: Carlton Senior Appointments: Senior MD Financial Advisor - San ...