Standards of lending practice for business customers
Atom bank is a registered firm with the Lending Standards Board and we’ve committed to following their Standards of Lending Practice for business customers.
What is the Lendings Standard Board?
The Lending Standards Board (LSB) is the primary self-regulatory body for the banking and lending industry, dedicated to upholding fair practices in the financial services sector through independent oversight. It achieves this goal by setting its Standards of Lending Practice, which aim to establish fair treatment and trust between lenders and customers.
As the LSB is self-regulating, it collaborates with industry regulators, such as the Financial Conduct Authority (FCA), Payment Systems Regulator (PSR) and HM Treasury, to ensure that the oversight that it provides is complementary to work carried out by these bodies.
Why have we registered with the Lending Standards Board?
We’ve voluntarily become a Registered Firm with the LSB under its Standards for business customers as we firmly believe that lenders should be subject to the highest level of rigour and control. Our registration with the LSB further confirms our commitment to providing fair and responsible lending to our business customers.
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What are the Standards of Lending Practice?
The LSB’s Standards of Lending Practice for business customers provide a benchmark for good business lending practice in the UK. Adherence to the Standards by Registered Firms is overseen by the LSB, which delivers robust and independent oversight.
The Standards set out the expectations for how lenders are expected to treat customers throughout the lifecycle of a product, from design and initial offering to repayment and conduct with businesses in financial difficulty.
They cover a number of different areas, which include (but are not limited to): product information, product Sales and declined applications.
Where can I find out more?
You can find out more about the Lendings Standards Board on their website, as well as further information about the Standards of Lending Practice for business customers.