LSB has published an updated version of the Standards of Lending Practice. The update follows the Lending Code review, and replaces it from 1 July. The new Standards also extend business customer protection to small businesses with a turnover of up to £6.5m, provided they do not have complex ownership structures. The Standards cover overdraft, loan, credit card and chargecard products, but will not cover trade loans or invoice financing. Initially, they will not cover asset based- or backed-lending or peer-to-peer lending, but may do so in future.
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