LSB publishes review of treatment of customers in financial difficulty: LSB has published the results of its themed review on how firms treat customers in financial difficulty. The review included eight debt collection agencies. While the review found some good practice, it also became clear that several firms did not treat customers empathetically, which may have been due to a combination of poor governance and training and also to the structure of staff incentive schemes. As a result, LSB carried out a further review of debt collection firms in relation to these issues. Disappointingly, it found a lower level of overall compliance than in its previous review, with only one firm getting a green light, six amber, and two red. However, it said these results should be considered in the light of changes it had made to its expectations and it has already required remedial action from the amber and red firms. It will need to carry out a further review next year. (Source: LSB Publishes Review of Treatment of Customers in Financial Difficulties)

LSB publishes annual report: LSB has published its annual report 2013/2014. In addition to the reviews on treatment of customers in financial difficulties, the report highlights the results of reports into student lending, unarranged overdraft facilities and the use of credit rating agencies. It also notes that material breach of the Code was only found in relation to a firm that failed to undertake adequate oversight of a debt collection agency acting on its behalf. Finally, the chief executive's review announces a full review of the Code in late 2014. (Source: LSB Annual Report 2013/2014)