Lending Stream are members of the BCCA and adhere to an industry standard code of practice for the treatment of all customers. The code of practice is shown below for your reference and includes information on lodging complaints to the BCCA and the financial ombudsman.

What this means for you:

  • You can be assured of being treated fairly and consistently.
  • You will know exactly what to expect when taking out a loan with us.
  • You have the information needed to escalate your situation with a third party in the event you are not satisfied with our service.

BCCA member

CONSUMER CODE OF PRACTICE

  1. Introduction
    1. BCCA is a trade association that represents businesses who cash third party cheques; offer payday loans and/ or certain other short term unsecured loans including instalment and guarantor loans. In addition, BCCA also represents credit brokers who operate in the unsecured short term lending market.
    2. BCCA provides representation on behalf of its members to government departments, regulatory bodies, consumer groups and debt charities, amongst others. Through this Consumer Code of Practice (CCP) it establishes rigorous standards of customer care for the industry.
    3. This CCP applies to the following areas of business conducted by BCCA members as follows:
    4. THIRD PARTY CHEQUE CASHING - This enables a customer to cash cheques which are made payable to them from a third party without the need to have a bank account of their own or to avoid the delay involved in cashing a cheque through their bank. Convenient, immediate payment can be made to the customer subject to provision of adequate identification. Charges apply for this service.
    5. PAYDAY LOANS - This type of loan is for people who require a cash advance to tide them over until their next pay day, and they are typically 30 days in duration.

      The purpose of payday loans is to act as a short term solution to temporary cash flow problems experienced by consumers. It is not intended for sustained borrowing over long periods.

      Businesses that provide this service are authorised and regulated by the Financial Conduct Authority ("FCA").

    6. OTHER SHORT TERM UNSECURED LOANS - This excludes home credit but could, for example include instalment credit and guarantor loans.
    7. CREDIT BROKERS - credit brokers link individuals looking for consumer credit, with lenders who are willing to provide such, for a commission.
    8. It is a condition of BCCA membership that all members fully comply with the relevant requirements of this CCP.
    9. In addition to this CCP, members who provide PAYDAY and SHORT TERM LOANS must comply with the Good Customer Practice Charter and Addendum, which can be found in ANNEX B and C respectively.
  2. Business Standards
  3. Members shall:

    1. Act fairly, reasonably and with care in their dealings with their customers.
    2. Provide a safe and secure place of business for their staff and customers.
    3. Comply with all legal requirements which apply to them.
    4. Correct any mistakes quickly and courteously and compensate the customer for any reasonable losses caused to them.
  4. Training
    1. Members shall ensure that their operational procedures embody the requirements of this CCP and relevant staff are fully trained in those procedures.
    2. Members shall keep adequate records of staff training.
  5. Advertising
    1. All advertising and promotional material must comply with the law and be reasonable, truthful and not misleading. All such material shall, where relevant, conform to the provisions of the Non-broadcast British Code of Advertising, Sales Promotion and Direct Marketing and the UK Code of Broadcast Advertising.
    2. All consumer credit advertisements must comply with the FCA's Financial Promotions Regime.
  6. Internet
    1. All websites must comply with relevant legislation.
    2. Member's websites should contain reference to BCCA membership, including a reference to their BCCA membership number.
  7. Customer Confidentiality
  8. Members shall:

    1. Observe a strict rule of confidentiality about their customers' and former customers' business and not disclose details of customer transactions or their names and addresses to any third party other than (a) where a member is legally compelled to do so, (b) where there is a public duty to do so, (c) where disclosure is made at the request, or with the consent of the customer.
    2. Not use customers' data for marketing purposes unless they have given specific permission for the member to do so.
  9. Information for Third Party Cheque Cashing
  10. Members shall, before a contract is made:

    1. Advise the customer of the charges for cashing a third party cheque to allow an informed decision to be made.
    2. Display in the premises a printed scale of standard charges.
    3. Provide the customer with the details of the information that shall be required by the member business to enable the transaction to proceed.
    4. Explain to the customer in clear language, and in writing if requested, the terms and conditions of the service and offer help if there is anything which the customer does not understand.
  11. Pre-Contractual Information for Regulated Credit Products
  12. Members shall always comply with all relevant requirements of the FCA Handbook and the remaining sections of the Consumer Credit Act and :

    1. Seek to establish the customer's ability to repay the loan.
    2. Where a running account agreement is entered into, set an appropriate credit limit for the customer. This must be periodically reviewed based on account history.
    3. Where repayment is by cheque, offer and agree a presentation date.
    4. Explain to the customer, whenever possible, and if requested to do so, the reason for any refusal of credit.
    5. Provide the customer with the details of the information that shall be required by the member business to enable the transaction to proceed.
  13. Contracts
  14. Contracts used by members shall:

    1. Comply with current legislation and the FCA Handbook.
    2. Be written in plain English and be intelligible.
    3. Indicate on the contract or elsewhere that BCCA offers a dispute resolution service.
  15. Information for Credit Brokers
  16. Members shall:

    1. Comply with current legislation and the FCA Handbook.
    2. Make the customer aware that they are dealing with a Credit Broker in a fair and transparent way.
    3. Obtain consent from the customer, before passing their details to a lender.
    4. Undertake regular compliance checks of any affiliates, to ensure that they are complying with current legislation and guidance.
    5. Only make reference to BCCA membership on websites that have obtained this approval and are maintained under annual review.
  17. Information for BCCA Members using Credit Brokers
  18. Members shall:

    1. Ensure that the Credit Broker and/or affiliate has obtained consent from the relevant customer before accepting any leads.
    2. Undertake regular compliance checks of any Credit Brokers and affiliates used to ensure that they are complying with current legislation and guidance.
  19. Information for providers of Guarantor Loans
  20. Members shall:

    1. Comply with current legislation and the FCA handbook.
    2. Verify that the Guarantor has agreed to guarantee a customer's loan.
    3. Ensure that the Guarantor is aware of the consequences of non-payment.
  21. Handling Complaints and Disputes
    1. Members must have their own written complaints procedure, which must be no less rigorous than the BCCA template procedure provided in Annex A which members may adopt.
    2. Members shall keep a written record of all complaints received from customers which cannot be resolved by the end of the next working day. This record shall be sufficiently detailed so that it is clear what action the member has taken to resolve the issue.
    3. Comply with the FCA Handbook.
  22. Monitoring
    1. Members shall declare their compliance with this CCP by completing and returning a Code Compliance Statement when required to by BCCA. This will normally be on an annual basis.
    2. Independent compliance audits may be carried out to member businesses to ensure compliance with the requirements of this Code of Practice. Audits shall be scored against a set of key performance indicators.
    3. BCCA shall give members reasonable notice of proposed audit visits. To facilitate the audit process, members are expected to do their utmost to comply with such arrangements unless there are compelling reasons why they are unable to do so. In such cases, members are expected to inform BCCA of the situation as soon as possible.
  23. Compliance
    1. BCCA recognises that it is important that any breach of this CCP is dealt with quickly and effectively.
    2. The Board of Directors shall appoint a Disciplinary Committee. As and when necessary, the Disciplinary Committee shall act in accordance with the procedures contained in the byelaws of BCCA.
  24. Publicity
    1. Members shall display a window sticker bearing BCCA logo and a point of sale notice, provided by BCCA, drawing the customer's attention to this CCP and to BCCA's dispute resolution procedure.
    2. BCCA shall display this CCP on its website and, on request, shall provide a written copy free of charge.
  25. Annual Report
    1. An annual report shall be produced covering all aspects of the operation of this CCP and be considered by BCCA Board of Directors.
    2. The report shall be produced by an independent person who will also include, in the light of experience, any suggestions to improve the Code.
  26. Code Development
    1. BCCA is committed to ensuring that this CCP shall remain relevant to real consumer needs.
    2. This Code shall be updated as may be deemed necessary by BCCA Board of Directors to reflect changing circumstances and the expectations of both members and customers.

Annex A: Customer Complaints Procedure For BCCA Members

Annex B: Good Practice Customer Charter

Annex C: Payday and Short-Term Loans Delivering new consumer protections Addendum to Industry Codes of Practice

Contacts

Chief Executive BCCA
Portal Business Centre
Dallam Court
Dallam Lane
Warrington
WA2 7LT
Telephone: 01925 426 090
The Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Tel: 0845 080 1800