Driving fair customer outcomes

Our mission is to drive fair customer outcomes within financial services through independent oversight.

The LSB covers both personal and business customers of financial services. We are independent in our approach to setting standards and to overseeing compliance with those standards. The Standards and Codes we set and oversee currently cover:

  • Lending
  • Asset Finance
  • Access to Banking
  • Authorised Push Payment Scams

We are now looking to build on the credibility we have gained in our first decade by raising the bar higher on standards for financial services in our second decade. We aim to achieve fair outcomes for consumers, both business and personal, by:

Setting high standards: setting and enhancing outcome standards for customers within financial services. The LSB will draw on the evidence of its oversight work to develop the Standards and Codes for which it is already responsible. We shall set standards in new areas where the LSB’s rigour can add value for consumers and where the industry and regulators support our involvement.

Delivering independent oversight: providing robust and independent oversight of the Standards and Codes for which we are responsible. The LSB will continue to undertake a programme of compliance work which gives assurance that our Standards are being adhered to, which highlights good practice and which ensures breaches are identified and remedied.

• Reaching wider: leading thinking within the industry by undertaking research, by disseminating good practice and by broadening the range of firms to which the Standards apply. The LSB will commission research and draw on its oversight work to raise firms’ awareness of what approaches improve outcomes for consumers, including how technology can be harnessed to improve services. We shall also encourage new firms to embrace our Standards and oversight in order to increase our coverage of the market and the number of consumers benefiting from the Standards.

• Raising awareness: raising the profile of the LSB’s work and of the Standards and Codes we oversee so that firms see the advantages of registering with the LSB, so that the boards and senior executive teams of participating firms set store by our findings in developing their services for customers and so that organisations working with consumers are informed about our work and its implications. We also want consumers themselves to have a clearer understanding of what standards they should expect when using relevant services.

Read more about our work in our 2021-2022 Business Plan.

Funding

We are funded by our registered firms but we operate as an independent body, governed and overseen by an independent Board composed of Non-Executive Directors.

Watch our video

Watch our video and hear more from the LSB team.

This video production was created by ITN Productions, in collaboration with the Chartered Institute of Credit Management (CICM).