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Lending Code to build on firm foundations PDF Print E-mail
Tuesday, 08 September 2015

In launching the Lending Standards Board’s (LSB) latest Annual Report, Chairman Lord Hunt of Wirral reflected on the impact of changes in the regulatory landscape and the consumer credit market on the work of the LSB.

Lord Hunt commented:

“In recent years there has been a massive increase in the use of digital channels and the emergence of a range of new lenders with both traditional and new business models. This pace of change is unlikely to slow.

“On the regulatory front, the FCA has introduced a new rule book for consumer credit and brought a more proactive and forward looking approach to the regulation of the market.

“These and other changes present challenges but also opportunities for the LSB to work closely with the industry to demonstrate how self-regulation can set new standards for supporting customers in a changing world.

Referring to the independent review of the Lending Code undertaken by Professor Russel Griggs OBE, Lord Hunt said:

“What is clear from the review is that if it is to add value going forward, substantial changes will be required to the Code, both to address overlap with the new FCA statutory regime and to ensure it reflects how subscribers wish to serve their customers in the future.

Work has started on this and whilst it will take some months to complete, I believe it presents us with a real opportunity to build upon the existing Code’s firm foundations for the benefit of both Subscribers and their customers.

The Annual Report provides full details and findings of the LSB’s comprehensive monitoring and research work undertaken in the last year. It also covers the introduction of the Associate Subscriber category, bringing debt collection and debt purchase firms within the scope of the Code, helping to ensure customers who may be experiencing financial difficulty are treated sympathetically and positively.

The Report and further information regarding the independent review of the Code can be found at: www.lendingstandardsboard.org.uk

(Source - LSB Press Release)  

 
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