Small businesses are the lifeblood of the UK economy. As a bank that started off as a small business, we know just how hard it is to get a business off the ground, to access finance and to grow. That is why lending to small businesses is a cornerstone of what we do at Atom.
And it is because we believe in the importance of fair and responsible lending, that we have made a commitment to adhere to the Standards of Lending Practice for all business lending customers.
Who is the Lending Standards Board?
The Lending Standards Board (LSB) exists to drive fair customer outcomes within financial services through independent oversight. They do this by requiring registered banks and lenders to operate to the benchmarks set out in their voluntary, Standards of Lending Practice.
The Standards of Lending Practice sets the benchmark for good lending, outlining the way in which participants are expected to deal with customers through the entire development of a product. The business Standards provide a complementary overlay to the work of the FCA, covering areas that statutory regulation does not reach. The LSB provides robust and independent oversight, monitoring adherence to these Standards.
As an interim registered firm, we will be working with the LSB who will review our adherence to the Standards and assess any opportunities to enhance our products, policies and processes. On confirmation of our compliance - we will be admitted as a fully registered firm.
Why have Atom registered?
Customers are at the heart of everything we do here at Atom: joining the LSB further enshrines our commitment, beyond our regulatory obligations, to treating customers fairly and providing responsible lending outcomes.
It will also enable us to draw insights from consumer groups, debt advice bodies and other industry stakeholders who work with the LSB, to identify emerging areas of customer detriment and share best practice with other firms.