Independent Review of the Lending Code
Professor Lorne D Crerar
Independent Reviewer
I have been appointed to conduct the first independent review of the Lending Code and invite you to let me have your views on what, if anything, in the Code should be changed.
The deadline for submissions is 10 September 2010, although it would be helpful to have your views earlier than that. If you wish to make an interim submission on one or more issues that you consider to be especially important, that will be fine.
My role as the independent reviewer is to invite views on what changes might be appropriate to ensure it remains fit for purpose, to assess the costs and benefits of possible changes and to make recommendations to the Lending Standards Board for subsequent discussion with the Sponsors as owners of the Code. My report will be published, along with the responses of the Lending Standards Board and the Code Sponsors, who will then work to implement agreed changes in a new Code that will come into force from March 2011.
There are two main constraints on my review. First, on competition grounds, I cannot make recommendations which would restrict the ability of individual firms to set their own prices or which would otherwise restrict competition. Second, I have to weigh up the costs and benefits of each change. Beyond these two matters I am free to make recommendations.
Thus, it would help me in considering your suggestions if you could make clear why and to what extent you think changes would benefit customers. If you wish, you can suggest ways in which the changes might be implemented; and if you feel able to put a figure on the costs and benefits that would be helpful, though I accept that you may not have the information that allows you to do this.
I am happy to consider any and all suggested changes to the Code. These may include new additions, changes to what is already in them or deletions.
Please send your submissions either:
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By e-mail to
codereview@lstdb.org.uk |
By post to
Professor Lorne D Crerar Independent Lending Code Review c/o Lending Standards Board Level 17 City Tower 40 Basinghall Street London EC2V 5DE
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As I expect to receive a considerable number of submissions, it would help me if you could limit yours to a maximum of 10 pages. If you would like to enclose supporting documents, I would be pleased to receive them, but please ensure that the key points from them are contained in your submission. All submissions will be copied to the Lending Standards Board. I am not able to consider confidential submissions to me alone.
I look forward to receiving any submission you wish to make.
Yours faithfully,
Professor Lorne D Crerar
