New directive 'could benefit credit card holders'
Credit card users could benefit from a new government directive, it has been suggested.
New directive 'could benefit credit card holders'”
According to the Personal Finance Society, the new legislation might close loopholes that may exist in the consumer credit sector.
However, most professionals working in financial services already carry out most of the provisions set out in the new legislation, a spokesperson for the professional body for the financial advisory industry said.
The spokesperson was responding to the new directive which promises enhanced protection for customers taking out financial protection.
As well as explaining all aspects of the financial agreement that consumers are entering into, lenders will also have to check borrowers' credit situation.
This could affect credit card holders.
"The industry and all practitioners should already accept these things, and if it does raise awareness and improve consumer understanding then it is a good thing, but frankly we think the vast majority of practitioners are doing this anyway," the spokesperson commented.
Written by David Jones ©
