LSB launches new Standards14 June 2016
The Standards of Lending Practice, which replace the Lending Code, are composed of seven main areas. These set out standards of good practice in relation to credit card, overdraft and unsecured loan products provided to customers, across the lifecycle from the initial offering of the product through to dealing with customers who find themselves in financial difficulty.
The Principles for Lending outline the overarching areas of focus for Registered Firms and underpinning these are the more detailed Standards of Lending Practice.
Registered firms can log in to MyLSB to access further information.
An industry-wide launch will take place on 20 July.