LSB has published the results of two themed reviews:
- the use of the right of set-off: LSB found good compliance with its minimum standards for using set-off and found volumes of set-off varied considerably between firms. It will carry forward the current rules into the new edition of the Lending Code, due in March; and
- the way Code subscribers deal with customers who are in financial difficulties: LSB found staff are generally trained to try to help customers and refer them to other advisers where appropriate. However, it issued two firms with “red” reports , where it found poor practices the firms needed to address urgently. It will follow up remedial work with these firms and will introduce additional guidance in the new Code.
(Source: Themed Reviews)