Following the launch of the personal Standards last July, today sees the launch of the Standards of Lending Practice for business customers. Forward-looking, the new Standards set a clear message for firms on transparency and fair treatment of their customers; they do not attempt to go over old ground but they do reflect learning from previous experiences with lending to SMEs.
The Standards for business customers will become effective on 1 July, with the existing Lending Code remaining in force until then – further releases will follow as the products covered by the Standards are widened. Sponsored by two industry trade bodies – the UK Cards Association and the BBA – the Standards will continue to be overseen by the independent Lending Standards Board.
Click here to read the press release.