Wednesday, July 12, 2006
Banks to dictate consumer spending and lending.
02, December, 2005 Immediate release
Banks to dictate consumer spending and lending.
Lenders have unveiled plans to share details of their customer’s finances in order to identify individuals facing financial difficulty.
In a big brother gone mad approach, the four lenders Barclaycard, Abbey, the Co-operative Bank and Egg will be able to access and discuss the income and outgoings of their customers with one another.
Although the new scheme will promote a long overdue need for responsible lending, it’s hard not to conjure images of agents watching your every move and subliminal messages in your music.
The banks propose to monitor spending and call customers when they consider them to be in financial difficulty in order to recommend a repayment plan or suggest a phone call to a finance help line.
A survey done by ACL (December 2005) found that although the majority of consumers appreciate that more rigorous tests carried out before lending takes place could be beneficial, the new scheme should be optional. Many stated that they resent the implication that they are unable to monitor their own finances and would find such an intrusive phone call from the bank an insult.
Founder of Accountz.com and accounting expert Quentin Pain said:
‘With so many personal finance aids on the market such as accounting software surely banks should be promoting personal awareness early on instead of trying to help once the damage is done’.
/ends
For further press information: contact the PR Team on 08700 111747.
Find all our recent releases at http://accountz.blogspot.com
Note to Editors: The Accountz.com team have accounting experts available for interviews regarding all aspects of accounting and financial wellbeing amongst students, small businesses and the general public.
Banks to dictate consumer spending and lending.
Lenders have unveiled plans to share details of their customer’s finances in order to identify individuals facing financial difficulty.
In a big brother gone mad approach, the four lenders Barclaycard, Abbey, the Co-operative Bank and Egg will be able to access and discuss the income and outgoings of their customers with one another.
Although the new scheme will promote a long overdue need for responsible lending, it’s hard not to conjure images of agents watching your every move and subliminal messages in your music.
The banks propose to monitor spending and call customers when they consider them to be in financial difficulty in order to recommend a repayment plan or suggest a phone call to a finance help line.
A survey done by ACL (December 2005) found that although the majority of consumers appreciate that more rigorous tests carried out before lending takes place could be beneficial, the new scheme should be optional. Many stated that they resent the implication that they are unable to monitor their own finances and would find such an intrusive phone call from the bank an insult.
Founder of Accountz.com and accounting expert Quentin Pain said:
‘With so many personal finance aids on the market such as accounting software surely banks should be promoting personal awareness early on instead of trying to help once the damage is done’.
/ends
For further press information: contact the PR Team on 08700 111747.
Find all our recent releases at http://accountz.blogspot.com
Note to Editors: The Accountz.com team have accounting experts available for interviews regarding all aspects of accounting and financial wellbeing amongst students, small businesses and the general public.
# posted by Accountz PR Team @ 7:27 AM 
