FLA comment on the FCA’s draft guidance for motor finance lenders

Commenting on the FCA’s draft guidance for motor finance lenders, Adrian Dally, Head of Motor Finance at the FLA said:

 “The breadth of today’s guidance from the FCA recognises the variety of different situations that customers will be in at this point. With more parts of the economy reopening, many customers will be returning to work and will be able to resume full payments. For those returning to part time work, partial payments are an option.

 “Customers who still need ongoing help will of course be supported. Motor finance lenders have been providing unprecedented levels of forbearance to customers since the start of the crisis, but it is now time for the Government to support the industry so that it is able to continue to offer finance to consumers and businesses at affordable rates during the recovery.”

  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.