Tag Archives: LSB

Lending Standards Board considers enhancements to take account of technological advancements

The Lending Standards Board (LSB) published a report (dated May 2017) setting out the findings of its Standards Development Project (SDP) on digital. The SDP included credit card, loan and overdraft products. In the report, the LSB notes that, in the context of the Standards, the most significant areas of digital development for firms are […]

LSB looks at digital developments

LSB has reviewed its Standards to assess whether any amendments are needed to take account of various digital developments.  It considered the effects of digitalisation of the customer experience on the whole customer journey apart for credit card, loan and overdraft products. Key findings included: firms increasingly use third parties to supply the required technology, […]

LSB publishes new business lending standards

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 […]

LSB calls for data on digital

LSB is calling for evidence as part of its Standards Development project to look at firms’ digital capabilities. It asks: What are the main challenges faced when developing products and services for digital channels? When developing a digital customer journey how are specific customer groups accounted for, such as: vulnerable customers? Are there any processes […]

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 […]