The Lending Standards Board has published its Business Plan for 2017/20 which outlines its aims and objectives for the next three years. LSB says it will achieve its goals by focusing on the following activities:
- Developing the Standards which were launched in March 2017 (July 2016 for business customers) by working alongside firms and the wider industry;
- Increasing the number of Registered Firms by moving into other sectors, challenger banks and business lenders;
- Extending the scope of the Standards to capture more personal and business customers;
- Building an industry-leading organisation to enable voluntary self-regulation for conduct of financial services business;
- Developing a partnership programme to strengthen its relationship with stakeholders;
- Undertaking a review of its internal governance framework, including Board composition, representation and stakeholder engagement and governance arrangements;
- Reviewing its fee methodology with the aim of rolling out changes in 2017/18;
- Reviewing resources in light of LSB’s growing work load;
- Increasing LSB’s profile through partnerships, thought-leadership and roundtable discussions; and
- Developing its insight and support services in order to deliver a balanced and proportionate compliance plan.