NEWS
LSB to boost support for SMEs by issuing guidance to lenders on financial inclusion and enhancing business protections on digital channels
The Lending Standards Board ( LSB ) has published the outcomes of its review of the Standards of Lending Practice for business customers (‘ the business Standards ’), identifying new opportunities to strengthen customer protections with practical guidance for banks and lenders .
Following an industry-wide consultation , and drawing on its own compliance and research findings , the LSB will enhance its guidance on digital journeys and how SMEs apply for or access financial products online .
It will also build upon its industry-leading financial inclusion work by helping banks and lenders improve the processes and procedures they have in place to support businesses and entrepreneurs with specific or unique needs .
The LSB ’ s business Standards set the benchmark for best practice in lending to UK SMEs with a turnover of up to £ 25 million , and provide the only protections of their kind across the lifecycle of lending products .
The Standards are outcomes-focused , are formally recognised by the Financial Conduct Authority , and apply to approximately £ 120 billion of UK business lending .
Laura Mahoney , the LSB ’ s Head of Policy and Legal , said : “ SMEs are the backbone of the UK economy so it ’ s vital that they have the same access to fair outcomes when using financial products that consumers enjoy . The LSB ’ s pioneering business Standards play a key role in ensuring this happens and protecting SMEs from harm .
“ The financial services industry is dynamic and constantly evolving , so keeping our Standards under review is critical to ensuring they continue to uphold our commitment to fairness and excellence in customer outcomes for businesses .
This consultation evaluated emerging areas in business lending , such as the use of digital channels to deliver lending products and green finance , to ensure the Standards reflect , and are responsive to the changing economic and business environment . We ’ re also building on our groundbreaking work on financial inclusion , to make sure businesses get the support they need regardless of their owners ’ backgrounds or specific needs .”
Financial sector ' s spending on Artificial Intelligence to grow by 30 % per year and hit US $ 97 Billion by 2027
US $ 45.2 billion on AI solutions this year . By the end of 2025 , this figure will grow to US $ 58.3 billion .
Artificial Intelligence has not only transformed how people relate to technology but also significantly impacted the business sector . While some fear AI could replace 300 million full-time jobs in the next six years , companies across sectors continue investing heavily in AI solutions to improve their business processes and customer feedback . One of the biggest spenders on AI technology is the financial sector .
According to data presented by Stocklytics . com , the widespread use of AI across the sector has pushed the total spending on this technology to new heights . Statista , IMF and IDC data show financial companies are expected to spend
The financial market ' s heavy spending on AI will continue in the coming years as more and more companies embrace the technology . In 2026 , companies in the market are forecast to splash out almost US $ 75.2 billion on AI solutions , or US $ 30 billion more than this year . By 2027 , this figure will jump to a massive US $ 97 billion , showing a huge 177 % increase in just four years . The financial sector ' s cumulative spending on AI technology and solutions is even more impressive . Statistics show companies in this market will spend a whopping US $ 275 billion on AI in the next four years .
The full story and statistics can be found here : https :// stocklytics . com / content / financial-sectors-spending-on-artificial-intelligenceto-grow-by-30-per-year-and-hit-97-billion-by-2027 / www . intelligentfin . tech
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