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FLA responds to Financial Secretary's statement on financial services reform
Responding to the Financial Secretary’s statement to Parliament on the reform of financial services, Stephen Sklaroff, Director General of the Finance & Leasing Association said:
"The Financial Secretary's statement made no mention of whether consumer credit regulation will stay with the Office of Fair Trading or transfer to the new Consumer Protection and Markets Authority. We hope this will be clarified very soon."
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Note to editors:
In 2009 FLA members provided £72.5 billion of new finance to UK businesses and households. Almost £19.3 billion of finance was provided to businesses and the public sector, representing around a quarter of all fixed capital investment in the UK last year. £53.2 billion was in the form of consumer credit, including a third of all unsecured lending in the UK. And £16.5 billion supported the purchase of half of new car registrations 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, FLAT: 020 7420 9664 E: helen.saxon@fla.org.uk M: 07918 766 993