The Lending Standards Board (LSB) has named Azzurro Associates (Azzurro) as the first commercial debt solutions business to become an interim registered firm to the Standards of Lending Practice for business customers.
The move to become a registered firm signals Azzurro’s commitment to the highest of standards in the treatment of its customers.
The long-term impacts of the Covid-19 pandemic are going to affect businesses and individuals for years to come, and the LSB believes there has never been a more important time for firms to provide reassurance, continuity and tailored outcomes for individual customers and businesses.
The Standards of Lending Practice set the benchmark for fair outcomes and ensure appropriate steps are taken to support those customers who find themselves in financial difficulty during these challenging times.
Azzurro provides liquidity options to lenders and commercial enterprises, and is the custodian of a large, and growing, inventory of business debts. The Azzurro Group of Companies has transacted with a number of commercial lenders – acquiring business loans, credit cards and cash advance debts.
Andrew Birkwood, CEO and founder of Azzurro says ‘registering with the Standards set by the LSB will also act as a spur to others; we consider registration to the LSB’s business Standards highlights a commitment to the fair treatment of struggling businesses.’
‘Adhering to the business Standards and ensuring we have an embedded culture in regard to financial difficulty, customer vulnerability and our governance and oversight, will enable us to achieve fair, tailored and sustainable outcomes for our business customers.’
Emma Lovell, Chief Executive at the LSB added ‘We are delighted to have Azzurro Associates on board as the first commercial debt firm to register for the Standards of Lending Practice for business customers. As an interim registered firm, Azzurro is committing to the highest of Standards amongst the commercial debt industry. We will now undergo an assessment process with Azzurro to ensure they meet the requirements of the Standards in order for them to achieve full registration.’