Home Business Digital provider Atom bank achieves full registration to the business Standards
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Digital provider Atom bank achieves full registration to the business Standards

by uma

 

Atom bank says full registration to the LSB’s Standards of Lending Practice for business customers brings more rigour to SME protection

Digital provider Atom bank has become the latest financial services firm to commit to the Standards of Lending Practice for business customers, which drive fair outcomes for business banking customers, as part of efforts to bring its regulatory protection for SMEs in line with that offered to retail customers.

The outcomes focussed Standards, overseen by the Lending Standards Board (LSB), the primary self-regulatory body for the banking and lending industry, 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 bank was founded in 2014 as the UK’s first app-based bank, built to serve the needs of savers and people who want to own their own homes or build their own businesses. The bank caters specifically to SME’s and has funded more than £1 billion in business loans since its inception. Its 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 the interim period enabled the bank to complete end-to-end analysis of existing policies, processes and procedures.

“This meant we were able to both identify gaps and – more critically – emerging best practice and areas for improvement,” Renwick said.

He continued: “In our view, SME’s 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.”

In addition to independent oversight, LSB registered firms, such as Atom bank, have access to industry insights, training, workshops and forums relating to lending best practice.

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.”

Further information on the Standards can be found here.

You may also like