The Lending Standards Board (LSB) supports the steps taken to assist business customers experiencing disruption caused by the coronavirus pandemic.
For firms offering products under Government established Coronavirus Business Interruption Loans Scheme (CBILS) and Bounce Back Loan Scheme (BBLS) the LSB has issued an update on how the Standards of Lending Practice for business customers give effect to the requirements of the BBLS, available through participating firms from today.
The update to the Standards and accompanying Information for Practitioners, which also takes account of the changes to CBILS announced on 27 April, recognises that by participating in the Government schemes, firms may not be able to apply in full effect all provisions within the Standards as certain aspects of the products have been determined by Government. This update is a temporary measure relating to the Covid-19 pandemic and is designed to support firms in delivering products to business customers under the Government schemes. The update will be reviewed as appropriate and does not apply to any other products offered by firms.
Read the full press release here.