Arrow Global, a leading FTSE-listed purchaser and manager of debt, is now one of a small but growing number of firms in the debt purchase and collection industry to become registered with the Lending Standards Board (LSB).
The LSB works with registered firms to promote fair lending practices and oversees adherence to the recently launched Standards of Lending Practice, taking action when firms fail to achieve these.
The Standards of Lending Practice set the benchmark for good lending practice in the UK and are sponsored by the British Bankers’ Association (BBA) and the UK Cards Association. The Standards outline the way registered firms are expected to deal with their customers throughout the entire product lifecycle.
To become registered with the LSB, firms have to pass a stringent pre-application assessment.
Tom Drury, Group Chief Executive Officer of Arrow Global, comments:
As a customer-focused organisation, Arrow Global shares the same principles as the LSB. It looks to ensure people are treated fairly and receive a consistently high level of service.
“There is a growing number of firms in the financial services industry that are registered with the LSB, including the major high street banks – this can only be a good thing in helping to drive positive customer outcomes and is something we are proud to be part of.”
Robert Skinner, Chief Executive of the LSB, said:
“We are delighted that Arrow Global has successfully completed our application process and is now part of a growing number of debt collection agencies and debt purchase firms that have signed up to the Standards of Lending Practice.
“We believe that bringing such firms fully into our oversight regime will contribute to ensuring that all customers in financial difficulties receive sympathetic and positive treatment.”
For further information:
Arrow Global +44 (0)161 242 5896
Instinctif Partners +44 (0)20 7457 2020
About Arrow Global
Arrow Global is one of Europe's largest and fastest growing providers of debt purchase and receivables management solutions. We purchase customer accounts from a range of businesses, including retail banks, credit card and telecommunications companies. The Group manages over 8.6 million owned customer accounts and over £19.2 billion total assets under management.
Arrow Global works closely with customers whose debts we acquire to find affordable and sustainable repayment plans based on their individual circumstances. Arrow Global does not charge customers interest or fees on defaulted debt, unless there is a statutory requirement, in effect freezing the amount the customer owes.
Through representation on industry bodies such as the Credit Services Association and SCOR (The Steering Committee on Reciprocity), the executive team plays a key role in initiating, shaping and implementing industry compliance standards and programmes.
In October 2013, Arrow Global listed on the London Stock Exchange (ARW) and is authorised and regulated by the Financial Conduct Authority (FCA).
The Lending Standards Board monitors adherence by registered firms with the Standards of Lending Practice, taking action where firms fall short. The LSB has a number of sanctions available to it ranging from private warnings through to, in the most serious cases, public censure.
The LSB’s directors include a majority of independent members as well as representatives of the sponsoring trade bodies, the BBA and the UK Cards Association. Details of the Board members can be found on the LSB website.