Lending Standards Board launches lending code
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Independent body the Lending Standards Board has launched a new code to monitor the actions of lenders.
The Lending Code, launched yesterday and overseen by the newly-formed LSB, covers good practice in relation to unsecured loans, lending aspects of credit cards and charge cards and current account overdrafts.
It covers the credit and debt elements of the old Banking Code, other parts of which will be covered through the introduction of the FSA’s regulation of deposit taking.
LSB chief executive Robert Skinner says: “The Lending Standards Board will ensure that the new code strengthens the protection customers will have when borrowing. It will independently monitor and enforce the code and take action where lenders fall short of the code’s standards.”
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