LSB’s Business Plan and Budget for 2020/21 has been published. It was drafted before the Covid-19 outbreak, and LSB wants to continue with it so far as possible, while accepting it may need to adapt some of the timings. Its priorities include:
- reviewing the CRM code and updating the Standards of Lending Practice for personal customers;
- undertaking thematic reviews on the use and impact of scam warnings, the information remedies under the Credit Card Market Study, debt sales governed by the Standards of Lending Practice for business customers and implementation of the standards in respect of asset finance;
- targeting around one quarter of firms for compliance exercises;
- considering and consulting on re-introducing an annual, light touch, self-attestation programme;
- reporting on reviews carried out; and
- working to raise awareness of its work and standards.