Credit, Collections & Insolvency News
Paragon Business Finance has become the latest financial services provider to register with the Lending Standards Board (LSB) Standards of Lending Practice for business customers – asset finance.
The Asset Finance Standards set the best practice framework for the provision of asset finance to businesses with a turnover up to £25m, and cover hire purchase and leasing products. The Standards’ implementation is overseen by the LSB, which works with registered providers to improve outcomes for customers using applicable products.
According to the Finance & Leasing Association (FLA), £23.5 billion of new SME asset finance was agreed in 2024, and the value of new finance agreements has risen for the last four years in a row. Total new asset finance agreed in March 2025 was 11% higher than the same month in 2024.
Anna Roughley, Deputy Chief Executive at the LSB said “We are delighted to welcome Paragon Business Finance to registration with the Asset Finance Standards. Anyone registering with the LSB’s Standards and Codes is committing to delivering better customer outcomes and acting in accordance with best practice. This is particularly important in the SME finance market, much of which is beyond the scope of statutory regulation.
“Asset finance is playing an increasingly important role in supporting small business investment and growth, and it’s vital that business customers have confidence in their finance providers. SMEs should always check their finance provider is LSB-registered – to our business Standards or the Asset Finance Standards – if they want to make sure they have access to products and services covered by our independent assurance.”
John Phillipou, Managing Director of SME Lending at Paragon Bank said: “Registering with the LSB marks a significant milestone for our SME lending division. We’ve always been committed to responsible lending, and now by registering with the Asset Finance Standards we are sending a clear signal to SMEs that we’re dedicated to upholding the highest levels of customer care and transparency.
“As a trusted lender with decades of experience supporting SMEs to grow across the UK, we pride ourselves on acting with integrity and professionalism. We are pleased to align ourselves with the LSB’s principles and look forward to working alongside the LSB and our peers to promote best practice and continuous improvement across the sector.”
