The Lending Standards Board (LSB) was set up in November 2009 with responsibility for the conduct of business regulation for deposit and payment products.
This was previously the responsibility of the Banking Code Standards Board with the same responsibility to protect:
The key objectives of the LSB are to:
The code sets standards of good lending practice in relation to loans, credit cards and current account overdrafts. The code provides important protection to help when things go wrong including when someone is experiencing financial difficulties. The code contains key commitments and detailed notes on how customers should be dealt with through the whole product life cycle from:
The code does not apply to non-business borrowing secured on land or to sale finance.
Two guides to help understand the code are available, for personal customers and for micro-enterprise customers. See 'Related links'.