"We are dedicated to driving fair customer outcomes, going beyond what statutory regulation requires of us and always placing the customer at the heart of everything we do."
The Standards apply across a range of business models, from digital to high-street banks. They were first recognised by the FCA as an industry best practice code in February 2020, and set the benchmark for good business lending practice in the UK in an otherwise unregulated field.
Atom's full registration to the Standards of Lending Practice follows a period of ‘interim’ status, during which it worked closely with the LSB to meet the requirements for full registration.
Tom Renwick, head of business lending, said: “In our view, SMEs and the individuals behind them are often underserved within the UK financial services industry. That’s why we are passionate about supporting our business customers and offering them a better deal during what is a particularly difficult time for many of them.
“Full registration and our commitment to the LSB’s business Standards highlights that we are dedicated to driving fair customer outcomes, going beyond what statutory regulation requires of us and always placing the customer at the heart of everything we do.
“We believe that all lenders who are committed to putting customers first should sign up to the business Standards, so there is consistency across the industry and customers know where they stand.”
Emma Lovell, the LSB’s chief executive, commented: “Full registration demonstrates a firm’s commitment to ensuring that customers are treated fairly and can borrow with confidence.
“With rising inflation and tax increases fuelling a cost-of-living crisis, trust between lenders and borrowers is more important than ever. We are delighted to have Atom bank on board as the first digital only provider to achieve full registration with the business Standards.”
