In LSB’s Annual Report 2011/2012, its chairman has praised the responsiveness of self-regulation and how it promotes industry best practice, including setting standards that go beyond the statutory rules. LSB’s chief executive points out how, besides the changes to the Lending Code made following Professor Lorne Crerar’s review, new provisions give greater protection to consumers whose debt has been sold to a third party for collection. The report also looks at LSB’s monitoring activity. LSB notes, and firms are taking remedial action to address, some breaches and management weaknesses in the treatment of customers in financial difficulties. This area will be the subject of a thematic review before the end of 2012. Another thematic review will cover lending to micro-enterprises across subscribers to the Code.(Source: Annual Report 2011/2012)