Hit the banks where it hurts!

As the economic woes continue unabated around the world, banks are quite rightly in the gun as they seek to move the goalposts and terms in their lending - and loans already made.

The Independent reports in "Hit the banks where it hurts" on at least one Government, the British one, trying to turn the tables by imposing certain terms on banks:

"Banks will face huge fines if they do not treat their customers fairly, under a crackdown to be announced by the Government today.

Ministers have decided to turn the voluntary code of practice operated by the banks into a legally-binding one, amid mounting concern that they are flouting their own rules during the credit crunch. The move follows claims that small businesses and individual customers have had the terms and conditions of their loans and overdrafts changed overnight by their banks.

Small firms have complained to ministers that they have received letters or emails unilaterally changing agreements, demanding that homes are put up as collateral for loans and giving customers just 48 hours to sign up to such new arrangements. "There is mounting evidence that the banks are not sticking to their own code," one government source said last night."

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