Chancellor Alistair Darling has announced a new banking trade body – the Lending Panel – to monitor loans to households and businesses.
Made up of representatives of Government, loan providers, trade bodies, regulators, consumer groups and the Bank of England, the Lending Panel will ‘improve monitoring of lending to households and businesses’, while encouraging support of struggling borrowers and pushing for alternatives to repossession.
The Lending Panel has been welcomed by major loan providers such as the Nationwide Building Society.
In a Press Release on 24 November (the day of the Pre-Budget Report), the Nationwide stated that: ‘Nationwide supports the formation of the Lending Panel as it should lead to even better public awareness of the opportunities available to those consumers who find themselves in financial difficulty’.
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