We have now completed our assessment of the gap analysis exercise undertaken by Registered Firms in respect of adhering to and implementing the new Standards of Lending Practice. Through existing policies and controls, it is reassuring to know that our Firms are already meeting the majority of the Standards and that extra focus is being given to the newly expanded areas of money management and customer vulnerability, an area where many enhancements are being made to ultimately achieve better customer outcomes.

Whilst most Firms will have completed any actions identified through the gap analysis over the next few months, we have agreed that adherence to the new requirements within the Standards will be completed by October 2017.

Compliance managers at the LSB will continue to work closely with their respective Firms to track and oversee the progress being made against changes and enhancements identified as part of this process.