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LSB announces retirement of personal lending standards

Copyright © 2025 LexisNexis

Published on: 27 January 2025

Published by LNB News

LNB News 27/01/2025

Document Information

Issue Date: 27 January 2025

Published Date: 27 January 2025

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Lending Standards Board (LSB) has announced the retirement of its standards of lending practice for personal customers (Personal Standards), effective 31 March 2025. The decision follows a full review in 2024, which found considerable overlap with the Financial Conduct Authority's Consumer Duty introduced in 2023. Despite the retirement, the LSB says it will continue to support firms in delivering better customer outcomes through new guidance and customer outcomes testing. Firms registered with the Personal Standards will be automatically de-registered from 31 March 2025.

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