Proactive Investors - Banco Santander (BME:SAN) is quitting the Lending Standards Body according to a Sky News report.
The UK’s fifth-largest lender cited confusion with other regulatory standards, chiefly the Financial Conduct Authority’s Consumer Duty and new fraud reimbursement rules.
These new regulations "supersede the existing voluntary industry standards that are set out in the current LSB codes", Santander is reported to have said. "This inevitably leads to duplicative regulation and can create confusion among staff and customers about which standards apply."
The LSB is a self-regulating body established to promote fair and transparent banking practices among its members, focusing on improving customer outcomes in the UK banking and financial services sector.
It sets the standards for the industry through its Lending Code, which provides guidelines on responsible lending and borrowing.
It was created in 2009 in the wake of the Global Financial Crisis.
Blue chips to open higher
The FTSE 100 index is tipped to open the week 10 points higher at 7,913 when markets open on Monday after suffering a 73-point slide on Friday after weak retail and housing data impacted market sentiment.
There’s not a lot scheduled on today’s UK financial calendar, barring a trading update from Ferrexpo PLC (LON:FXPO) and final results from Bango PLC.
Overnight, it was learned that US airline regulators have launched an investigation into Boeing (NYSE:BA) after yet another incident, this time involving an engine cowling on a 737-800 aircraft falling off during take-off and striking a wing flap.
Later this week, the European Central Bank will convene for its latest interest rate decision on Thursday, with markets expecting policymakers to hold at 4.5%