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FLA: Financial Services Bill Joint Committee report response
Responding to the Financial Services Bill Joint Committee report, published today, the Director General of the Finance & Leasing Association, Stephen Sklaroff, said
“The Joint Committee is right to recognise that, in considering whether to transfer responsibility for consumer credit regulation to the new FCA, the Government must take full account of the very important differences between consumer credit and the other markets currently regulated by the FSA. Given the state of the economy, nothing must be done which might endanger the responsible supply of credit to consumers and small businesses.”
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Note to editors:
The full text of the Financial Services Bill Joint Committee report can be viewed here.
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