Commenting on the appointment of Nikhil Rathi as the new Chief Executive of the FCA, Stephen Haddrill, Director General of the FLA said:

 “This is a very welcome appointment – Nikhil Rathi brings experience of both the public and private sector, and a fresh perspective at time when the FCA will be assessing its response to the Covid-19 crisis, and considering how it can improve regulation ahead of the next crisis. Reviewing the outdated CCA must be a priority in this respect.

 “There is certainly scope for more coordination between the FCA, HM Treasury and the Bank of England to ensure that decisions to extend forbearance are matched by decisions to support lenders.”

  Note to editors:

1. In 2019, FLA members provided £140.3 billion of new finance to UK businesses and households. £104.7 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2019. £35.7 billion of finance was provided to businesses and the public sector. FLA members financed more than a third of UK investment in machinery, equipment and purchased software in the UK in 2019.
2. For media enquiries, please contact the FLA press office on 020 7420 9656.