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Is there a lending code for credit card providers?

Last Edit: 31/08/18

Yes there is, but not all credit card companies have signed up to it. The Lending Standards Board is located at the following website address:

The Lending Standards Board is self regulatory and aims to set a standard of 'good practice' for:

  1. Consumers
  2. Businesses
  3. Small companies
  4. Enterprises
  5. Charities

However, the lending code only applies to customers who have an income of less than £1 million per annum. The lending code not only apply to credit card providers, but to the providers of loans, charge cards and current bank account (in relation to their overdraft facilities). You can view the full lending code at the Lending Standards Board website or by requesting a copy from your credit card provider in writing.

Registered lenders are currently: Adam & Company Plc, AIB Group, American Express, Bank of Cyprus, Bank of Ireland, Barclays Bank, Capital One, Citibank International, Clydesdale Bank, Co-operative Bank, Coutts & Co, Trust Bank, HSBC Bank, Indigo Michael Limited, Lloyds Banking Group, Marks & Spencer Financial Services, Nationwide Building Society, Neyber Ltd, Northern Bank, Royal Bank of Scotland, Sainsbury’s Bank, Santander UK, Triodos Bank, TSB Bank, Turkish Bank, Ulster Bank, and Virgin Money.

It should be noted that the Lending Standards Board applies to lending within the UK, and the operations of the above financial companies within the UK. There will be different lending codes for North America. While the above list may not seem to include an exhaustive list of UK financial companies, it should be noted that PLCs like the Royal Bank of Scotland operate a range of financial brands, such as: Churchill Loans, Direct Line Financial Services, Lombard Direct, Mint, National Westminster Bank and The One Account.