The Standards of Lending Practice reflect the LSB’s mission to drive fair outcomes for customers. They set the benchmark for good lending practice in the UK, outlining the way registered firms are expected to deal with their business customers throughout the entire product life cycle. The Standards are now a FCA-recognised industry code and are a key component of the fairness pledge set out in HM Treasury’s SME Finance Charter published in 2019.
In 2019 we undertook a thematic review to understand how registered firms are meeting the Standards for business customers in financial difficulty. Read the full press release here.
You can read the full summary report here.