Our Lending Code sets out standards of good practice for the finance and leasing industry. It is intended to reassure anyone who applies for finance from full members that they are doing business with reputable organisations. It sets out the key commitments and principles which we expect our members to follow, with good sense and in the spirit of the code. To be a full member, members must keep to the code (where relevant) at all times.
In connection with the Code, FLA operates a conciliation procedure for consumer complaints and has an independent arbitration scheme operated by the Chartered Institute of Arbitrators. These schemes are free to consumers.
Raising Standards for Consumers
The Code is monitored by an independent group, chaired by Professor Geoffrey Woodroffe and consists of representatives of independent consumers and the finance houses. Each FLA member has a code compliance officer and internal auditing procedures that ensure they comply with the Code. FLA also employs a full time Compliance Manager with responsibility for the Code and complaints schemes.
