The FCA has published a feedback statement (FS20/1) on the recognition of the Lending Standards Board’s (LSB) Standards of Lending Practice for business customers and updated its webpage on recognised industry codes with a link to the Standards.
The FCA can recognise industry codes for unregulated financial markets and activities, known as ‘FCA recognition’. They also recognise the FX Global Code and the UK Money Markets Code.
The current Standards (last revised July 2019) will be recognised for a three year period but may be extended if the FCA thinks that the content of the Standards remain relevant and suitable.
The LSB’s separate Information for Practitioners for business customers is not included in the recognition.