On 5 August 2020, the Lending Standards Board (LSB) issued a statement advising that the FCA had confirmed that formal recognition of the Standards of Lending Practice for business customers had been maintained and that recognition now covered the updates to the Standards issued by the LSB to take account of the Government’s new coronavirus lending schemes.

The FCA decision to maintain recognition, following updates to the Coronavirus Business Interruption Loan Scheme and Bounce Back Loans Scheme, will provide firms that are adhering to the Standards when lending under the Government schemes, with confidence that they are acting in a manner that the FCA deem a proper standard of market conduct.