The Lending Standards Board is now closed, bringing an end to over fifteen years of our independent oversight of the financial services sector. The LSB’s work drove improvements in customer outcomes across the sector, and changed how financial services providers delivered for their customers.
The LSB’s impact and legacy, and the achievements of those firms that registered with us, are set out in our final report – Independent Oversight & Customer Outcomes in Financial Services. This report also sets out a blueprint for the future of voluntary regulation in the financial services sector.
While the LSB is closing, the need for our work has not gone away. It is vital that firms maintain their commitment to delivering better outcomes for their customers, and that the lessons from LSB’s legacy are not forgotten.
We close knowing that we made a tangible difference, and with the conviction that voluntary regulation with independent oversight remains essential to the long-term health, reputation and resilience of the UK financial services sector – and to the millions of SMEs and consumers that depend on it.
