LSB updates lending standards

LSB has developed a set of Standards of Lending Practice for business customers, which it plans to launch in early 2017 to replace part of the Lending Code. It will extend the Lending Code provisions to include not only micro-enterprises but all businesses with a turnover of up to £6.5m. LSB will introduce the new standards in three tranches, with the first to cover overdrafts, loans, credit cards and charge cards. Later tranches will cover asset finance and peer to peer lending.