Lending Code
The Lending Standards Board or the LSB (previously Lending Code) works to a single, clear remit: to promote fair lending and increase consumer protection in the United Kingdom . The LSB role is to make sure all personal and small business borrowers receive a fair deal from their lender as set out in the Standards of Lending Practice.
The LSB follows an outcome-focused approach to monitoring the Standards and take action where the registered firms fail to meet them. A powerful combination of market intelligence, industry experience and collaborative partnership with trade bodies, regulators and other industry stakeholders allows the LSB to meet five main objectives.
The LSB key objectives are:
- To promote and help deliver fair outcomes and greater consistency for personal and small business borrowers
- To achieve high level market coverage of personal and business lenders
- To demonstrate how self-regulation can deliver good customer outcomes and can complement the work of the FCA
- To be recognised as a leading, influential voice for personal and business lending
- To add value for registered firms