Lending Standards Board joins UK Regulators’ Network

The Lending Standards Board (LSB), which represents the banking and lending industry, has become a member of the UK Regulators’ Network (UKRN).

The UKRN aims to enhance collaboration among regulators from various sectors to promote better outcomes for consumers, businesses and the economy.

Other members include the Financial Conduct Authority (FCA), the Payments Systems Regulator (PSR), the Information Commissioner’s Office and the Pensions Regulator.

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Regulators from the utility, transport and housing sectors are also members, including Ofcom and Ofgem.

The LSB said that collaborating with other regulators will enable it 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,” it said.

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The LSB added that its participation in the UKRN aligns with its commitment to complement the work of industry regulators such as the FCA, PSR and Treasury.

“We have long advocated the benefits of cross-sector collaboration, so joining the UKRN is a natural next step,” said LSB chief executive Emma Lovell.

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“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.”