Recommendation 18

HM Treasury explained to us that, at present, recoveries for the smaller loans are captured and overseen by the FCA and, for larger loans, by the Lending Standards Board. Thus, although the details have not been clarified, there is already an existing structure regarding recoveries. In turn, it is the case that, if lenders do not pursue recoveries as expected, they will not be able to collect the guarantee.47 Measuring the Scheme’s impact