Standards of Lending Practice for business customers officially launched28 March 2017
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.