The Lending Standards Board (LSB) has published a feedback and next steps report following its June 2023 consultation on the Standards of Lending Practice for business customers. The LSB says while responses to the consultation highlighted areas where there would be a benefit in further guidance, such as in the application of the business Standards within the digital journey, no substantive changes to the current requirements were identified. However, the review identified there was a gap in good practice to enable firms to better support business customers to achieve their sustainability ambitions and that more could be done to ensure that all customers are able to access and use their products in a way that suits their particular needs.

The Lending Standards Board (LSB) has published revised Standards of Lending Practice for personal customers, outlining the way registered firms are expected to deal with their customers throughout the entire product lifecycle. The latest version of the Standards, which will become effective on 1 July 2021, recognises that customers are increasingly accessing credit and communicating with their lenders through a variety of digital channels.

The Legal Services Board (LSB) has published a statement on the Solicitors Regulation Authority’s (SRA) regulatory performance following the collapses of Axiom Ince Limited and PM Law Limited. The LSB states that the combined loss of client money associated with the two firms is approximately £100 million and notes that the SRA has commissioned an independent review into its handling of PM Law.

The Legal Services Board (LSB) has published statutory guidance on implementing the new regulatory objective of promoting the prevention and detection of economic crime, which was added to the Legal Services Act 2007 through the Economic Crime and Corporate Transparency Act 2023. The guidance outlines four key outcomes for regulators: understanding economic crime risks, supporting authorised persons, monitoring compliance and evaluating standards. While not placing direct obligations on regulated persons, the guidance aims to help regulators support legal professionals in preventing the facilitation of economic crime.

Law360, London: England's legal oversight regulator has revealed that its review of watchdogs after the High Court ruling on Mazur will investigate whether their guidance about who could conduct litigation had an 'adverse impact on the regulatory objectives'.

The Lending Standards Board (LSB) has strengthened provisions on personal guarantees within the Standards of Lending Practice for business customers. The changes will help ensure lenders are clear with guarantors about what they are signing up to, and help avoid situations where a guarantor is surprised to find out they are personally liable for lending to a business.

The Legal Services Board (LSB) has taken enforcement action against the Solicitors Regulation Authority (SRA) following an independent review of issues connected to Axiom Ince Limited. The firm, which expanded rapidly through mergers and acquisitions, collapsed in October 2023, resulting in the loss of approximately £60m in client money and 1,400 job losses. Under its statutory powers provided by the Legal Services Act, the LSB has issued binding directions requiring the SRA to enhance its risk identification and response measures, improve the safeguarding of client money, and strengthen controls to address risks from the concentration of key compliance roles within law firms. The SRA has already initiated a plan to address these issues and is required to comply with the new directions within 12 months, providing progress reports every three months. The process included consultations with the Lord Chancellor, the Competition and Markets Authority (CMA), the Legal Services Consumer Panel, and the Lady Chief Justice.

The Legal Services Board (LSB) has announced further enforcement action against the Solicitors Regulation Authority (SRA) after finding insufficient evidence that existing reforms are delivering improved consumer protection. The decision follows the LSB’s assessment of the SRA’s response to previous directions issued after the failure of Axiom Ince and the loss of significant client money. The LSB states that, although the SRA has made progress in strengthening processes, controls and frameworks, there is no sufficient evidence that those reforms are consistently producing better outcomes for consumers.

The Lending Standards Board’s (LSB) chief executive officer, Emma Lovell, has announced that the LSB is set to begin an orderly and solvent wind-down of its operations in the Summer of 2025, with closure planned for the end of October 2025. The decision follows the withdrawal of major high street banks from the LSB’s business Standards, which has undermined the commercial viability of its non-statutory oversight model. Lovell confirmed it will cease oversight of its Standards and Codes, including the business and asset finance Standards, by 31 October 2025.

The Lending Standards Board (LSB) has announced that it has published a series of updates to the Contingent Reimbursement Model Code (CRM Code) to further strengthen what is the only set of protections of its kind for tackling authorised push payment (APP) scams. The CRM Code, launched in 2019 and overseen by the LSB, requires signatory firms to detect, prevent, and respond to APP scams. Signatory firms also make a commitment to reimburse customers who lose money in cases where they were not to blame for the success of a scam. The three most significant updates to the Code will help improve customers’ understanding of how firms are assessing APP scam cases, help prevent scams and, make the Code accessible and relevant to a wider range of firms.

London South Bank University (LSBU) researchers have published a report criticising the Windrush Compensation Scheme for exacerbating injustices faced by survivors and their families. The analysis found the scheme to be poorly designed, complex, and unfair, with an estimated 80% of victims still uncompensated five years after its launch. Key issues identified include the Home Office's role as sole assessor and decision-maker, lack of funding for legal representation, and a process that ‘retraumatises’ claimants. The report echoes recommendations from various bodies to transfer the scheme to an independent entity and provide legal aid. Recent findings by the Parliamentary and Health Service Ombudsman revealed errors in 46 cases, resulting in nearly £500,000 in additional compensation owed to victims.

A litigant who has been granted financial help by the Legal Services Commission.