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

The National Credit Code was designed to ensure ethical and professional standards in the finance industry, particularly in consumer lending. This legislation aims to protect borrowers by establishing clear rights and responsibilities for credit providers. By setting out standardized practices, it seeks to promote transparency in lending processes, enabling consumers to make informed decisions about credit products. This helps to prevent unethical practices and promotes confidence in the financial system.

The other choices do not accurately reflect the primary intentions of the National Credit Code. Increasing loan limits pertains more to lending policy rather than ethical standards, streamlining processing times is an operational concern that is secondary to the principles of fairness and consumer protection, and regulating interest rates is a separate regulatory function and is not the focus of the Code, which instead centers on ensuring fair conduct in credit transactions.