News
FLA responds to regulatory reform of financial services
Responding to the Financial Secretary’s announcement on regulatory reform of financial services, Stephen Sklaroff, Director General of the Finance & Leasing Association, said:
“The Government is right to recognise that transferring consumer credit regulation from the OFT to the new Consumer Protection and Markets Authority would be a huge task, justified only if further consultation demonstrates real benefits from such a change. We look forward to responding to the Government’s consultation document when it is published in the autumn.”
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Note to editors:
In 2009 FLA members provided £72.5 billion of new finance to UK businesses and households. £53.2 billion of this was in the form of consumer credit, which was a third of all unsecured lending in the UK. And £16.5 billion of it supported the purchase of 45% 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 766 993