News
FLA response to Financial Services Bill and the transfer of consumer credit regulation to the FCA
Responding to the Treasury announcement that consumer credit regulation will be transferred to the new Financial Conduct Authority, Stephen Sklaroff, Director General of the Finance & Leasing Association, said:
“The Government is right to recognise that any new consumer credit regulatory regime must be proportionate, risk-based and reflect the diversity of the market. We note that a transfer of responsibility to the new FCA will be subject to impact assessment and further Parliamentary scrutiny. We look forward to working with the Government on a framework which ensures consumers continue to benefit from a wide range of responsibly-provided credit.”
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Note to editors:
The Financial Services Bill has made a provision to transfer responsibility for consumer credit from the Office of Fair Trading to the new Financial Conduct Authority. The Bill is scheduled for a second reading in Parliament on 6th February 2012
In 2010 FLA members provided £72.0 billion of new finance to UK businesses and households. £51.7 billion of this was in the form of consumer credit, a third of all unsecured lending in the UK. And £19.0 billion of it supported the purchase of new and used cars, including more than half of private new car registrations in 2010.
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