News
Recent news
CCA is the right starting point for future consumer credit regulation
The Finance and Leasing Association, which represents consumer and small business finance providers, has given its support to the Financial Services Consumer Panel, which today called for the Consumer Credit Act to form the basis for any new regulatory regime.
Stephen Sklaroff, Director General of the Finance and Leasing Association said:
“The Financial Services Consumer Panel is right that future changes to consumer credit regulation should start with the Consumer Credit Act (CCA). Whether or not regulation transfers to the new Financial Conduct Authority (FCA), the regime which the FCA will inherit in the deposit and savings markets is not appropriate for credit, and would put at risk a significant amount of responsible and economically vital consumer and small business lending.”
- ends -
Note to editors:
The Government is considering transferring responsibility for consumer credit from the Office of Fair Trading to the new Financial Conduct Authority, where credit markets will be regulated under the Financial Services and Markets Act, which is designed to regulate deposit-taking institutions.
In 2010 FLA members provided £72.0 billion of new finance to UK businesses and households. £51.7 billion of this was in the form of consumer credit, a third of all unsecured lending in the UK. And £19.0 billion of it supported the purchase of new and used cars, including more than half of private new car registrations in 2010.
For further media information, please contact:
Russell Hamblin-Boone, FLA
T: 020 7420 9656 E: russell.hamblin-boone@fla.org.uk M: 07810 374110
Helen Saxon, FLA
T: 020 7420 9664 E: helen.saxon@fla.org.uk M: 07918 766 993
.