We are committed to introducing responsible business practices that make it easier for our suppliers to do business with us.
To support this commitment, Lloyds Banking Group subscribes to the Financial Supplier Qualification System (FSQS). FSQS is designed to standardise and manage our requests for compliance and assurance data.
As the regulatory environment becomes more complex, it’s important that we can demonstrate to our stakeholders that we’re working responsibly with our suppliers to minimise risk and protect customers.
The use of the FSQS provides a standard and simple mechanism for collecting and managing supplier assurance information across the Group.
The FSQS is also an integral part of our sourcing process. Our Sourcing Specialists use the system to find pre-qualified suppliers to be considered for new business. Qualified supplier status gives visibility across Group Sourcing and, therefore, creates potential new business opportunities.
Benefits for suppliers
- A single online process to submit assurance and compliance data - reducing duplicate requests from the Group.
- Compliance requirements which are proportionate to the products and services being provided.
- An online supplier profile which can be updated throughout the year to demonstrate your ongoing compliance with Lloyds Banking Group policies.
- Qualification means you won't have to provide assurance information each time you bid for business with the Group.