Lending Standards Board joins UK Regulators’ Network for consumer protection

The Lending Standards Board (LSB), the primary self-regulatory body for the banking and lending industry, is pleased to announce its membership of the UK Regulators’ Network (UKRN). This partnership will further enhance collaboration among regulators from various sectors, promoting better outcomes for consumers, SMEs, and the economy.

The UKRN brings together regulators from the financial, utility, transport, and housing sectors to facilitate cooperation, share knowledge and innovation, and build better ways of working. Established in 2014, the network has fostered strong relationships and a culture of collaboration and learning among its members.

Members of the UKRN include many of the key regulators in the financial services industry and associated sectors including the Financial Conduct Authority (FCA), the Payments Systems Regulator (PSR), the Information Commissioner’s Office (ICO), the Pensions Regulator (TPR), Ofcom, and Ofgem.

The LSB will benefit from and contribute to the collective expertise and insights of other regulators, enabling them to address common issues and challenges in the financial services sector more effectively. This collaboration will further support the LSB’s mission of driving fair outcomes for personal and business customers within financial services through independent oversight of standards and codes.

Emma Lovell, Chief Executive Officer of the LSB, comments: “We have long advocated the benefits of cross-sector collaboration, so joining the UKRN is a natural next step. By working together with other regulators, we can leverage collective intelligence to address cross-industry challenges and drive positive change.

“The UKRN’s strategic objective of promoting better outcomes for consumers and the economy resonates with the LSB’s mission. By fostering competition, investment, innovation, and high standards in the banking and lending industry, the LSB contributes to a fair and transparent financial landscape that benefits consumers and SMEs and supports economic growth.”

The LSB’s participation in the UKRN aligns with its commitment to complement the work of industry regulators, such as the FCA, PSR, and HM Treasury, among others. Through effective collaboration and cooperation, the LSB aims to ensure that financial service providers meet the highest standards of protection and deliver fair outcomes to personal and business customers.