ABOUT US
Who are we ?
The Lending Standards Board is the successor organisation to the Banking Code Standards Board and began its work on 2 November 2009.
The LSB has a number of key objectives:
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To assist firms to interpret and meet the requirements of the Lending Code
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To monitor and enforce compliance with the Code and take disciplinary action for material breaches
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To identify any gaps and deficiencies in the Code that could lead to consumer detriment and to advocate change
The Lending Code, replaced the Banking Codes following the transfer of responsibilities for the conduct of business regulation for deposit and payment products to the FSA on 1st November 2009. The Code protects the following borrowing customers
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A consumer
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A micro-enterprise
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A charity which has and annual income of less than £1 million
A micro-enterprise is a business that employs fewer than 10 persons and has a turnover or annual balance sheet that does not exceed €2 million
What do we do ?
The Lending Code covers good practice in relation to loans, credit cards and current account overdrafts. It does not apply to non-business borrowing secured on land or to sales finance. The Code contains key commitments and detailed notes on how customers should be dealt with through the whole product life cycle, from marketing and account opening, maintenance and the provision of information on changes to term, conditions and interest rates.. Important protection is also included to help when something goes wrong, including when someone is experiencing financial difficulties.
Working with other stakeholders
We recognise that we can be far more effective working in harness with other bodies who are involved in consumer protection and banking regulation. We have regular contact with consumer bodies and the money advice sector, and information based on their experiences and research is a key source for us in planning our monitoring work.
For the benefit of both the banking industry and it’s customers, we work closely with other regulators, particularly the Financial Services Authority and the Office of Fair Trading. The aim of the co-operation is to prevent either gaps in regulatory coverage or unnecessary duplication.
We also maintain close contact with the Financial Ombudsman Service, with whom we have put in place an agreed Statement of roles and responsibilities.
Board & Executive
The Board consists of eight directors; three public interest directors, an independent chairman, the chief executives of the three sponsoring trade bodies and the chief executive of the LSB. Board members as at 1 January 2010.
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IMPORTANT LINKS |
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Find out which organisations have signed
up to the Code. |
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An online library of our documents. |
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View our enforcement procedures. |
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