On 11 February 2020, the FCA published Feedback Statement 20/1: Recognition of codes: feedback on QCP 25 CP19/27 (FS20/1). In FS20/1 the FCA states that it has decided to recognise the LSB’s Standards of Lending Practice for business customers for unregulated activities. As the LSB’s Standards of Lending Practice for business customers covers both regulated and unregulated activities, the FCA’s recognition only extends to unregulated activities.

The FCA will recognise the LSB’s Standards of Lending Practice for business customers for 3 years. After this time, it can extend its recognition if it thinks the content of these Standards is still relevant and appropriate. The FCA’s recognition of these Standards is as it stands at the current date. If the FCA thinks that they no longer represent proper standards of market conduct, it will withdraw recognition before the end of the 3-year period. The LSB’s separate Information for Practitioners for business customers is not included in the FCA’s recognition.