We have today published a new Memorandum of Understanding (MoU) with the Financial Conduct Authority (FCA), setting out how we work collaboratively with the Regulator to drive fair outcomes for customers of financial services.
The Lending Standards Board (LSB) have a mutual regulatory interest with the FCA in areas relating to lending to personal and business customers, access to banking, and protecting customers from Authorised Push Payment (APP) scams.
Our organisations recognise the desirability of promoting an approach to monitoring, supervision, and enforcement that is coordinated, transparent, proportionate and responsive.
The approach set out in the Memorandum will:
- seek to ensure that our organisations have a consistent understanding of expectations in relation to the application of the LSB’s Standards and Codes and relevant FCA regulation;
- set out how we can work collaboratively to prevent duplication of supervisory work; and
- allow for due consideration to be given to FCA rules and guidance and LSB Standards and Codes when we undertake our respective policy development.
Agreeing this Memorandum will ensure we can, through effective co-operation and communication, continue to drive the best outcome for personal and business customers.
Read it here.