Question

What was the intent of the design of the National Credit Code?

a) To promote excessive lending practices
b) To ensure ethical and professional standards in the finance industry
c) To minimize customer protection
d) To encourage discriminatory lending practices

Answer 1

The National Credit Code was designed to increase accountability and transparency in the finance industry, prevent 'too big to fail' scenarios, eliminate bailouts, and protect consumers from abusive practices.

Step-by-step explanation:

The intent of the design of the National Credit Code was to strengthen the financial system by introducing measures that would improve accountability and transparency within the industry. These measures aimed to end the concept of 'too big to fail', protect taxpayers by preventing future bailouts, and safeguard consumers from abusive financial services practices. Therefore, the correct answer is b) To ensure ethical and professional standards in the finance industry.