Ipsum Holdings Limited has become the latest financial services provider to move into full registration to the Standards of Lending Practice for business customers.
The business standards, overseen by the Lending Standards Board (LSB), set a best practice benchmark for small and medium enterprise (SME) lending in the UK, acting as a lending protection for UK SMEs.
The standards were formally recognised and endorsed by the Financial Conduct Authority (FCA) because of the absence of alternative regulatory protections for SME finance.
Ipsum Capital works in partnership with SMEs across the UK, providing liquidity solutions to commercial lenders through the purchase of non-performing loan portfolios.
Ipsum’s full registration to the business standards followed a 15-month interim registration process, during which the firm worked closely with the LSB to meet the requirements for full registration.
The move to full registration signalled Ipsum’s commitment to the highest standard of treatment for its SME customers amid a challenging economic climate.
Richard Marlow, director at Ipsum Capital, said: “We have always prided ourselves on attaining the highest standards and delivering the best possible outcomes for our customers, so achieving full registration to the LSB’s business Standards was a natural next step for Ipsum Capital.
“The path to registration was a thought-provoking period which galvanised our management team and led to our policies and processes being examined, re-engineered where necessary, and fully documented so we could achieve the best practice model.
“We are passionate about supporting our business customers and offering the fairest outcomes in what is a particularly difficult time for many SMEs in the UK.
“Our adherence to the Standards provides our SME customers with material assurance of our ability to achieve the right outcomes for them.”
Emma Lovell, LSB chief execuitve, added: “The business Standards play an unmatched role in extending protections to the UK’s vital SME community who would otherwise be at increased risk of harm when using financial products and services.
“They are the only regulatory protections available for many SMEs.
“SMEs should always check their finance provider is LSB registered if they want to make sure they have access to independent lending protections.”
