News
Consumer credit review provides an opportunity to streamline regulation
Released on 14 July 2010
Responding to the Consumer Affairs Minister’s announcement of a review later this year into the consumer credit market, FLA Director General Stephen Sklaroff said:
“The Consumer Minister is right to see this as an opportunity to cut unnecessary regulatory burdens. The consumer credit market is currently implementing a large number of new and costly regulations. The Government should look carefully at the implications for customers, who face a shrinking and increasingly-polarised market.”
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Note to editors:
- The announcement from the Department for Business can be found here.
- The latest consumer finance figures from the Finance & Leasing Association showed that consumer credit lending in May was 6% down on lending in May 2009
- Lenders are currently implementing changes from the Consumer Credit Directive, the Irresponsible lending guidance from the OFT, as well as changes to the operation of credit and store cards agreed with the previous Government.
- In 2009 FLA members provided £72.5 billion of new finance to UK businesses and households. £53.2 billion was in the form of consumer credit, which was around a third of all unsecured lending in the UK.
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