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BCOBS(formerly The Banking Code) and Financial Hardship - Legal Beagles
This thread should be read in conjunction with this thread above.
140. Additionally, for micro-enterprise customers, financial difficulties may also become evident to subscribers because:
the customer goes overdrawn without agreement;
the customer goes over their agreed overdraft limit, especially more than once;
there are large increases or decreases in the businesss turnover;
the business is trading at a loss;
the business suddenly loses a key customer or employee;
a large part of the business is sold;
a facility is used for purposes other than those agreed with the subscriber;
the customer does not keep to conditions set out in the loan agreement;
the customer does not supply agreed monitoring information on time; and
another creditor brings a winding-up petition or other legal action against the business
"Dealings with customers in financial difficulty
BCOBS 5.1.4
01/11/2009 Principle 6 requires a firm to pay due regard to the interests of its customers and to treat them fairly. In particular, a firm should deal fairly with a banking customer whom it has reason to believe is in financial difficulty."
This thread should be read in conjunction with this thread above.
140. Additionally, for micro-enterprise customers, financial difficulties may also become evident to subscribers because:
the customer goes overdrawn without agreement;
the customer goes over their agreed overdraft limit, especially more than once;
there are large increases or decreases in the businesss turnover;
the business is trading at a loss;
the business suddenly loses a key customer or employee;
a large part of the business is sold;
a facility is used for purposes other than those agreed with the subscriber;
the customer does not keep to conditions set out in the loan agreement;
the customer does not supply agreed monitoring information on time; and
another creditor brings a winding-up petition or other legal action against the business
"Dealings with customers in financial difficulty
BCOBS 5.1.4
01/11/2009 Principle 6 requires a firm to pay due regard to the interests of its customers and to treat them fairly. In particular, a firm should deal fairly with a banking customer whom it has reason to believe is in financial difficulty."