BIS consulting on postal statements

BIS is set to consult the industry on how to minimise fraud arising from regularly sending account statements to consumers.

The consultation is a result of the concern arising amongst lenders that sending regular statements to consumers who may have moved house without informing their bank or building society could lead to fraud.

There are also fears that consumers who have entered into an individual voluntary arrangement (IVA) to pay creditors might be confused if they continued to receive a standard statement.

Ben Coates, deputy director of consumer credit and product safety at BIS, said consultation will begin soon. He also added that changing policy on the sending of letters would require changes to the primary legislation concerning this issue.

Original article courtesy of Credit Today.

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