The Lending Requirements Board (LSB), which represents the banking and lending {industry}, has develop into a member of the UK Regulators’ Community (UKRN).
The UKRN goals to reinforce collaboration amongst regulators from numerous sectors to advertise higher outcomes for shoppers, companies and the financial system.
Different members embody the Monetary Conduct Authority (FCA), the Funds Techniques Regulator (PSR), the Data Commissioner’s Workplace and the Pensions Regulator.
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Regulators from the utility, transport and housing sectors are additionally members, together with Ofcom and Ofgem.
The LSB mentioned that collaborating with different regulators will allow it to handle widespread points and challenges within the monetary providers sector extra successfully.
“This collaboration will additional help the LSB’s mission of driving truthful outcomes for private and enterprise prospects inside monetary providers by way of impartial oversight of requirements and codes,” it mentioned.
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The LSB added that its participation within the UKRN aligns with its dedication to enrich the work of {industry} regulators such because the FCA, PSR and Treasury.
“We’ve lengthy advocated the advantages of cross-sector collaboration, so becoming a member of the UKRN is a pure subsequent step,” mentioned LSB chief government Emma Lovell.
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“By working along with different regulators, we are able to leverage collective intelligence to handle cross-industry challenges and drive constructive change.
“The UKRN’s strategic goal of selling higher outcomes for shoppers and the financial system resonates with the LSB’s mission. By fostering competitors, funding, innovation, and excessive requirements within the banking and lending {industry}, the LSB contributes to a good and clear monetary panorama that advantages shoppers and SMEs and helps financial development.”