Laura Mahoney, Head of Policy and Legal at the LSB:
“We welcome the FCA’s plans to gather more evidence on the use of personal guarantees. We look forward to working with all stakeholders to ensure that business customers receive the right outcomes when accessing and using finance.
Through our recent review of the Standards of Lending Practice for business customers, the only regulatory protections of their kind for SMEs, we have identified some isolated areas where further guidance may be required in relation to the use of personal guarantees. We will engage with lenders and other stakeholders as we take our work forward.”
Read the output of the LSB’s business Standards review here.
The Standards of Lending Practice for business customers can be accessed here.
