The Lending Standards Board (LSB) has published new standards of lending practices (SLPs) for business customers. The SLPs replace the micro enterprise provisions of the Lending Code and are composed of the following 9 main areas:
- product information;
- product sale;
- declined applications;
- product execution;
- credit monitoring’
- financial difficulty;
- portfolio management;
- vulnerability; and
- governance and oversight, which sets out the framework registered firms should have in place to ensure that the SLPs are implemented and operate effectively.
The SLPs will apply from 1 July 2017.
View LSB publishes new Standards of Lending Practice for business customers, 28 March 2017