Elderfield plans strict contact code for banks

BANKS are facing strict rules which will prevent them hassling borrowers struggling with general personal debts, the Financial Regulator announced.

Matthew Elderfield said changes were planned that would prevent banks phoning or contacting customers incessantly over debts such as car loans and credit card bills.

The clampdown on lenders pestering troubled customers comes after similar restrictions were introduced on banks contacting distressed mortgage holders.