The long-awaited new voluntary code for high street banks which promised they would be "sympathetic and positive" when dealing with debtors was launched by the British Banking Association (BBA) and largely ignored by the press. This may in part have been because most of the changes have been trailed for several months, or because the end product was a watered down version of the original recommendations. Internet financial site the Motley Fool accused the BBA of being "a public-relations machine for the banks" adding "the Banking Code is the centrepiece of its work" (fool.co.uk, 31 March). Other critics included Which? who described it as a "missed opportunity" (Guardian, 31 March) and charity Help The Aged who accused banks of discriminating against customers "solely and blatantly on the grounds of age" (BBC, 30 March).
Angela Knight, BBA chief executive, was widely quoted saying the code "gives strong commitments that banks will lend responsibly and will help customers who may be heading towards financial difficulties" (FT, 31 March). However, several newspapers pointed out that the recent "mass customer revolt" over unauthorised overdraft fees is not covered by the new code while one leader column warned the banks that "these new promises had better not bounce" (Independent, 31 March).