LSB publishes ”2020 Vision” Business Plan

The Lending Standards Board has published its Business Plan for 2017/20 which outlines its aims and objectives for the next three years. LSB says it will achieve its goals by focusing on the following activities:

  • Developing the Standards which were launched in March 2017 (July 2016 for business customers) by working alongside firms and the wider industry;
  • Increasing the number of Registered Firms by moving into other sectors, challenger banks and business lenders;
  • Extending the scope of the Standards to capture more personal and business customers;
  • Building an industry-leading organisation to enable voluntary self-regulation for conduct of financial services business;
  • Developing a partnership programme to strengthen its relationship with stakeholders;
  • Undertaking a review of its internal governance framework, including Board composition, representation and stakeholder engagement and governance arrangements;
  • Reviewing its fee methodology with the aim of rolling out changes in 2017/18;
  • Reviewing resources in light of LSB’s growing work load;
  • Increasing LSB’s profile through partnerships, thought-leadership and roundtable discussions; and
  • Developing its insight and support services in order to deliver a balanced and proportionate compliance plan.