The latest LSBulletin outlines some of the LSB’s key areas of focus for 2022, including:
- Contingent Reimbursement Model Code (CRM Code) for APP scams – the LSB will be conducting follow up work from its previous thematic reviews of the CRM Code, and updating its customer information document and the wording of the Code. The LSB is also continuing to work on how the CRM Code can be applied more broadly across different types of business models in the financial services sector.
- Thematic reviews focused on the Standards of Lending Practice for business customers – the aim of these thematic reviews is to ensure that fair customer outcomes have been prioritised and achieved for SMEs in light of the impact of Covid-19 on business lending. There will be a particular focus on the recoveries process since various government support schemes for SMEs, eg CBILs and BBLS, came to an end last year.
- Inclusion in business banking – the LSB has started work on a thought leadership piece focusing on inclusion in business banking. The LSB wants the conversation around diversity and inclusion to continue to move forwards.