In Focus Consumer Credit
The compliance journey
Insight and support is available for lenders seeking to comply with codes of best practice
Anna Roughley Lead manager, insight and support services, Lending Standards Board
AnnaRoughley@lstdb.org.uk
Our mission is to promote fair lending, which is achieved through oversight of the Standards of Lending Practice. Ultimately, we have the customer at the heart of our work; using high-level principles and an outcomes-based approach to ensure they receive a fair deal from their lender. Whilst our oversight regime has fostered
an open and positive relationship with our companies, we thought there was more we could do for our firms and to further increase customer protection. This is where the Insight and Support service was born. Each of our registered firms can access
Insight and Support as part of their annual registration, but what do we actually do? Bringing the standards and Information for Practitioners to life, engagement with firms to date broadly sits within four work streams: l Practitioner support, such as training, sound boarding, and horizon scanning. Offering help and guidance to firms on their application of the standards and providing views and opinion on practical matters, with training available covering a wide range of good lending practice. Underpinned by horizon scanning, we
keep up to date with changes in regulation affecting our firms and the industry, ensuring that we are aware of any connection between the standards and other areas, enabling us to present appropriate support. lWorkshops, which could be business area or role specific, such as financial difficulties or vulnerable customers. Interactive sessions which give a chance to gather information and to share ideas, providing support in development of strategies and processes. l Benchmarking of processes, procedures, and policies. Supporting firms in the development of policies, processes, and procedures, by providing tips and suggestions
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for improvement based on our knowledge and experience. l Business review, such as call-calibration sessions, sample checks, and assurance activities. Providing best practice guidance to organisations through sample checks and assurance reviews to independently assess a business or specific area in the organisation. Reporting and offering guidance where improvements can be made. Call calibrations, meanwhile, offer an opportunity to share real customer experiences to enhance thinking and develop understanding and approach to outcomes.
classroom-based vulnerable customer training, which has been developed and delivered to a number of firms, along with an overview of the personal and business standards. These programmes have been delivered to a wide range of teams and departments, including compliance and quality-assurance teams, business relationship managers, recoveries teams, and back-office functions. Many benchmarking exercises have also been undertaken. Having just launched a ‘train the trainer’
Underpinned by horizon scanning, we keep up to date with changes in regulation affecting our firms and the industry, ensuring that we are aware of any connection between the standards and other areas, enabling us to present appropriate support
The collaborative and proactive approach
our oversight takes is reflected in our Insight and Support work. We have been delighted by the enthusiasm
and engagement the Insight and Support service has been met with so far, despite the service only being in operation for just over a year. A number of firms have requested work, with some requesting additional or repeat pieces. Some highlights include
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programme for one of our firms, we have assisted in the development of their own in-house training capability, along with focused call-calibration sessions for another. We have also recently completed a detailed business review at the request of a large firm. As a component part of the oversight regime, Insight and Support assists firms to build upon good practice to improve customer outcomes assisting in the ongoing development of the Information for Practitioners to share best practice with our registered firms. So, what have we got coming down the
track? Our most significant upcoming project is to develop a training suite which considers different delivery styles and changing demand in technology; this will allow us to cover various elements of the standards. This piece of work will allow our Insight and Support service to branch out even further and provides a complementary alternative to the classroom-based training available. We are keen to continue this increased
interaction with firms through the Insight and Support service, providing support and assistance through collaboration and building stronger relationships whilst allowing us to continue to ensure good customer outcomes are achieved. CCR
January 2018
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