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|The Lending Code: A new chapter|
|Friday, 09 September 2016|
In launching the Lending Standards Board’s (LSB) latest Annual Report, Chairman Lord Hunt of Wirral, set out the benefits that the recently published Standards of Lending Practice, which are replacing the Lending Code, will bring.
Lord Hunt commented: "The move, from prescriptive rules to outcomes based principles and standards will have benefits for both firms and the customers they serve providing greater flexibility to innovate and use new business models to achieve good customer outcomes.
"This also facilitates better engagement with customers, particularly those who are in financial difficulties, where sometimes adherence to rigid process to achieve compliance with rules can lead to a poor customer experience or outcome."
Referring to the proposed changes in the LSB’s oversight regime, Lord Hunt said: "The LSB’s independent oversight is also evolving to ensure it is complementary to the FCA’s work, reducing overlap and giving increased recognition for the quality and maturity of firms’ own internal governance and compliance processes.
"The LSB will continue to hold firms to account if they fall short of the expected standards but in a way that does not burden them with an onerous monitoring regime that isn’t reflective of current and emerging risks."
Lord Hunt concluded: "This is an exciting and challenging time for the LSB. The Board continues to believe that effective, complementary self-regulation has a major role to play in ensuring that all personal and small businesses customers receive a fair deal from their lender."
Further information about the changes can be found in the Report which also provides full details and findings of the LSB’s comprehensive monitoring and research work undertaken in the last year.
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