About the LSB
We have a clear goal – to drive fair outcomes for personal and business customers within financial services through independent oversight of the Standards and Codes for which we are responsible. Financial service providers sign up to the LSB’s Standards and Codes which are applicable to their products and services, and we undertake oversight and assurance activities to ensure they are compliant with our framework of standards and regulation.
As the primary self-regulatory body for the banking and lending industry, we are in a unique position to understand the challenges faced by the industry. This, together with our agility, enables us to effectively identify areas of risk in the industry and swiftly adapt our Standards and Codes to provide increased consumer protection. The accompanying Information for Practitioners provides insights and best practice that support the delivery of good customer outcomes at times when it is most needed.
We take great care to ensure that we complement the work of industry regulators, rather than duplicate it. To that end, we maintain an effective, collaborative relationship with the Financial Conduct Authority (FCA), Payment Systems Regulator (PSR), HM Treasury and other key industry stakeholders.
Our team’s responsibilities
Click below to explore our different teams.
Executive leadership team
The executive leadership team is responsible for the strategic and operational management of the organisation. Working closely with the Board, wider LSB team, stakeholders and partners, the executive leadership team ensures that the LSB fulfils its mission and strategy to drive fair outcomes within financial services. They oversee the delivery of the LSB’s strategic aims:
- Setting high standards
- Delivering independent oversight
- Reaching wider
- Raising awareness of the LSB
The team also supports the delivery of all LSB events, HR and office functions and relationships with registered firms.
The Compliance team is responsible for overseeing registered firms’ adherence to the LSB’s Standards and Codes through risk-based review activity. They are also responsible for the day-to-day relationship management and provision of advice and guidance to these firms to ensure they can fully and effectively implement the requirements of the Standards and Codes.
Our robust oversight framework is formed of three key component parts:
- Compliance reviews – both full reviews in relation to each Standard or Code and risk-based thematic reviews focussed on the areas of highest risk and where there are emerging risks;
- Relationship and engagement meetings – understanding how firms are meeting their commitments in a less formal oversight capacity, whilst also providing insight on our other areas of work; and
- The self-attestation process – provides assurance that the Standards and Codes remain in focus, are embedded and are complied with where the LSB may not have undertaken specific oversight during that year.
This approach between firms and the LSB is particularly vital in financial services – demonstrating firms’ commitment to achieving better outcomes for customers and building trust and integrity within the industry.
The Policy team’s role is to support the work of the Compliance team and aid the Executive, Board, stakeholders and registered firms. Their activities include interpretation of the Standards of Lending Practice for personal and business customers and wider industry codes of practice for which the LSB has responsibility. These are:
- Contingent Reimbursement Model Code for Authorised Push Payment Scams (the CRM Code);
- Access to Banking Standard; and
- Credit Card Market Study (CCMS) information remedies.
The Policy team is responsible for leading reviews of the Standards of Lending Practice and the CRM Code to ensure that they continue to reflect current and emerging good practice. They are also responsible for assessing policy and market developments and their likely impact on the Standards, wider industry codes and the accompanying Information for Practitioners. The Policy team also provides the secretariat function to the LSB Board.
The team reaffirm the requirements of the LSB’s Standards and Codes, supporting firms’ adherence to them through the provision of insight. This is shared with registered firms via roundtables, training, practitioner support, research and thought pieces, disseminating good practice, sharing areas of risk and thought leadership. Insight and knowledge sharing in this way helps registered firms embed the Standards and Codes and deliver fair outcomes to personal and business customers.
Our Insight team is also responsible for the communications function of the LSB, working to raise awareness of; the LSB, the value of self-regulation, the Standards and Codes for which it is responsible and their impact on customer outcomes.
They are also responsible for the engagement and onboarding of new registrant firms. Providing support and guidance within the interim registration process, the team ensure interim firms comply with the relevant Standards and Codes before achieving full registration.
Finance and Operations teams
The Finance and Operations teams are responsible for ensuring the financial sustainability of the organisation, and that an effective risk and controls framework is in place for the LSB. The function provides support to the executive leadership team, the Board and the Finance and Risk Committee and also provides oversight of HR, people and systems for the efficient and smooth running of all aspects of the LSB’s Operations.
The Finance team construct the LSB’s annual activity-based budget and business plan, ensuring that it fully incorporates the organisation’s Mission and Strategy, that the priorities and deliverables are fully aligned with customer outcomes and ensuring fairness and transparency in fee setting for our registered firms.
Working with the wider organisation, the team oversee the risk and controls framework, ensuring that the Finance and Risk Committee can operate effectively in the governance of the framework and that risk is managed appropriately and within the organisation’s appetite.