The Lending Standards Board (LSB) has published its annual report and accounts for 2014/15. In his summary, the Chief Executive of LSB Robert Skinner, commented on LSB’s highlights in the year and plans for the future, including:
- There was just one change to Board membership in the year - Jonathan Rees joined LSB last July and replaces Alan Whiting who left the Board after completing nine years as an independent Director of the Banking Code Standards Board and the LSB.
- The Lending Code and the scope of the LSB’s activities evolved during the period, particularly in the area of support for those who find themselves in financial difficulties.
- In 2014, LSB introduced a new Associate Subscriber category to allow debt collection and debt purchase firms to subscribe to the Lending Code.
- LSB welcomed seven new Subscribers in the year, taking the total count of registered firms to 42 at 1 April 2015.
- The relationships with the FCA and Financial Ombudsmen continue to develop, with regular meetings to share the forward agenda and discuss concerns.
- There will be more research pieces undertaken during the next period, which will enable more collaborative work with Subscribers to identify good practice and which result in improvements to the Code.
- How customers who are in, or who are at risk of getting into financial difficulties are treated, will continue to be a major focus of work.