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More detail needed following Queen's speech, says FLA
Following today’s Queen’s speech, the Finance & Leasing Association (FLA) is calling on the new Government to clarify some key policy areas.
The legislative programme announced today gave few details of the Government’s plans beyond those outlined in the Coalition Programme published last week.
For example, the Government has yet to spell out its intentions following last week’s suggestion of further credit and store card regulation.
Stephen Sklaroff, FLA Director General, said:
“The retail credit industry has seen an avalanche of new consumer protection regulation in recent months, much of which has yet to bed down. Further moves – including last week’s suggestion of possible interest rate caps on cards and a new cooling-off period – would gold-plate recent EU regulations and risk a further contraction in the retail credit market at an already difficult time for customers. We will be seeking clarification of the Government’s plans soon as possible.”
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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, FLA
T: 020 7420 9664 E: helen.saxon@fla.org.uk M: 07918 766993