FCA Backs Code For Unregulated Activities Despite Concerns

Law360, London (February 12, 2020, 2:04 PM GMT) -- The Financial Conduct Authority has backed standards penned by an independent body that aim to ensure finance companies conduct themselves properly when they offer unregulated products, despite fears in the industry that the code will confuse consumers.

The City watchdog said on Tuesday that it will recognize the Lending Standard Board’s code of lending practice for business customers. The body, which promotes fair lending in the U.K., created the voluntary code to ensure that FCA-regulated lenders provide unregulated products to businesses in a fair way.

The FCA can formally recognize codes of conduct developed by the industry if they set out...

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