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|Arrow Global gains Lending Standards Board registration|
|Monday, 25 July 2016|
Arrow Global, a leading FTSE-listed purchaser and manager of debt, is now one of a small but growing number of firms in the debt purchase and collection industry to become registered with the Lending Standards Board (LSB).
The LSB works with registered firms to promote fair lending practices and oversees adherence to the recently launched Standards of Lending Practice, taking action when firms fail to achieve these.
The Standards of Lending Practice set the benchmark for good lending practice in the UK and are sponsored by the British Bankers’ Association (BBA) and the UK Cards Association. The Standards outline the way registered firms are expected to deal with their customers throughout the entire product lifecycle.
To become registered with the LSB, firms have to pass a stringent pre-application assessment.
Tom Drury, Group Chief Executive Officer of Arrow Global, comments: “As a customer-focused organisation, Arrow Global shares the same principles as the LSB. It looks to ensure people are treated fairly and receive a consistently high level of service.
“There is a growing number of firms in the financial services industry that are registered with the LSB, including the major high street banks – this can only be a good thing in helping to drive positive customer outcomes and is something we are proud to be part of.”
Robert Skinner, Chief Executive of the LSB, said: “We are delighted that Arrow Global has successfully completed our application process and is now part of a growing number of debt collection agencies and debt purchase firms that have signed up to the Standards of Lending Practice.
“We believe that bringing such firms fully into our oversight regime will contribute to ensuring that all customers in financial difficulties receive sympathetic and positive treatment.”
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