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The Credit Services Association (CSA)
Independent review of the Lending Code
Professor Russel Griggs OBE has been appointed to conduct an independent review of the Lending Code. Professor Griggs' role is to seek and consider views on what changes might be appropriate to ensure the Code remains fit for purpose and continues to add value for subscribing firms and their customers.
Professor Griggs is particularly keen to hear views on:
- Existing provisions that, with the benefit of experience, need to be revised or updated to ensure their intended outcome is achieved.
- Any existing provisions that duplicate, have lower standards than, or have been superseded by those contained in new and emerging statutory rules and guidance.
- The identification of areas of potential detriment impacting personal and small business customers, not presently addressed adequately by the Code or statutory rules.
- Changes required as a result of market developments such as new delivery channels.
- Changes which improve the effectiveness and understanding of the Code and the work of the LSB, which could include changes to the Code’s layout.
- How the wider benefits of the Code and the Lending Standards Board regime can be increased. In this respect, any views you wish to share more generally in relation to the regulation of consumer credit are also welcome.
CSA Members may send any comments to Claire Aynsley, CSA head of regulatory compliance and standards (firstname.lastname@example.org).
The current version of the Lending Code can be found on the Lending Standards Board’s website: www.lendingstandardsboard.org.uk.
Comments should be submitted before 24 February 2015.