Lending Standards Board

The Lending Standards Board is the successor organisation to the Banking Code Standards Board and began its work on 2 November 2009.

The LSB has a number of key objectives:

• To assist firms to interpret and meet the requirements of the Lending Code
• To monitor and enforce compliance with the Code and take disciplinary action for material breaches
• To identify any gaps and deficiencies in the Code that could lead to consumer detriment and to advocate change

The Lending Code, replaced the Banking Codes following the transfer of responsibilities for the conduct of business regulation for deposit and payment products to the FSA on 1st November 2009.  The Code protects the following borrowing customers

• A consumer
• A micro-enterprise
• A charity which has and annual income of less than £1 million

A micro-enterprise is a business that employs fewer than 10 persons and has a turnover or annual balance sheet that does not exceed £2 million

Related Links

Lending Standards Board website (External Link)