Banco Santander (LSE:BNC) 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.
Created in 2009 in the wake of the Global Financial Crisis, it sets the standards for the industry through its Lending Code, which provides guidelines on responsible lending and borrowing.