The Lending Requirements Board (LSB), which represents the banking and lending {industry}, has grow to be a member of the UK Regulators’ Community (UKRN).

The UKRN goals to boost collaboration amongst regulators from numerous sectors to advertise higher outcomes for customers, companies and the economic system.

Different members embrace the Monetary Conduct Authority (FCA), the Funds Methods Regulator (PSR), the Data Commissioner’s Workplace and the Pensions Regulator.

Learn extra: MPs launch inquiry into SME lending

Regulators from the utility, transport and housing sectors are additionally members, together with Ofcom and Ofgem.

The LSB mentioned that collaborating with different regulators will allow it to deal with frequent points and challenges within the monetary companies sector extra successfully.

“This collaboration will additional assist the LSB’s mission of driving truthful outcomes for private and enterprise clients inside monetary companies via impartial oversight of requirements and codes,” it mentioned.

Learn extra: Finance and banking are among the many happiest jobs within the UK

The LSB added that its participation within the UKRN aligns with its dedication to enrich the work of {industry} regulators such because the FCA, PSR and Treasury.

“We now have lengthy advocated the advantages of cross-sector collaboration, so becoming a member of the UKRN is a pure subsequent step,” mentioned LSB chief government Emma Lovell.

Learn extra: Lenders name on FCA to crack down on copycat rip-off artists

“By working along with different regulators, we will leverage collective intelligence to deal with cross-industry challenges and drive constructive change.

“The UKRN’s strategic goal of selling higher outcomes for customers and the economic system resonates with the LSB’s mission. By fostering competitors, funding, innovation, and excessive requirements within the banking and lending {industry}, the LSB contributes to a good and clear monetary panorama that advantages customers and SMEs and helps financial progress.”