News

Latest articles

Industry News

This news section features the latest consumer and business finance issues. You will also find FLA News Releases and Media Contacts.

FLA responds to the announcement of the OFT's High Cost Credit Review
Commenting on the OFT’s High Cost Credit Review, Fiona Hoyle, Head of Consumer Finance at the Finance and Leasing Association, said:
decorative picture of newspaper
Responsible lending important, but over-regulation could harm consumers, says FLA
The Finance & Leasing Association (FLA) has responded to the Consumer White Paper launched today by supporting responsible lending, but warning that too much regulation could slow down economic recovery and harm consumers.
decorative picture of newspaper
FLA responds to Citizens Advice charging order evidence report
Responding to the Citizens Advice evidence report on the use of charging orders and orders of sale, Fiona Hoyle, Head of Consumer Finance, said:
decorative picture of newspaper
Shrinking credit market may put consumer choice at risk, says FLA
The consumer credit market is shrinking and consumers could face even less choice and reduced availability in future, according to the Finance and Leasing Association (FLA), which today published its latest consumer lending figures.
decorative picture of newspaper
FLA responds to debt sale warning from OFT
Responding to the OFT’s warning on ‘debt sale’ scams, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association, said:
decorative picture of newspaper
Regulation must not reduce credit choice, says FLA Director General
In a keynote speech at the Money Advice Scotland annual conference in Crieff, Stephen Sklaroff, Director General of the Finance & Leasing Association, warned that the torrent of new regulation and market reviews facing the consumer credit industry risked shrinking the market and reducing choice and availability. He said:
decorative picture of newspaper
FLA responds to Department for Business' call for evidence on business access to finance
Responding to the Department for Business, Innovation and Skills’ call for evidence on business access to finance, Stephen Sklaroff, Director General of the Finance & Leasing Association, said,
decorative picture of newspaper
Downturn continues in motor finance markets
The Finance and Leasing Association’s latest statistics show that the recent slowdown in new motor finance business has continued. Consumers purchased 32% fewer new cars with dealer finance through car showrooms in April 2009 compared with April 2008. In the first four months of 2009, the volume of sales was down by 28% compared to the same period in 2008.
decorative picture of newspaper
FLA responds to Scottish Government's Repossessions Working Group report
Responding to the report from the Repossessions Working Group in the Scottish Parliament, Fiona Hoyle, Head of Consumer Finance of the Finance & Leasing Association, said:
decorative picture of newspaper
Leasing is the way to beat the recession, FLA chief tells global businesses
Stephen Sklaroff will tell an international audience that leasing can be a major component of economic recovery.
decorative picture of newspaper
Motor finance firms beat back rising tide of attempted fraud
The motor finance industry has successfully reduced the number of motor fraud cases by 35%, despite increased efforts by fraudsters to acquire cars illegally.
decorative picture of newspaper
Finance House Base Rate (FHBR) is 1.5% for June 2009
The FHBR will be 1.5% for June 2009, which represents a decrease of 0.5% percentage points compared with May 2009.

Three-month money costs in the interbank market continued to fall in May. Based on current trends, FHBR is likely to remain at 1.5% for July 2009.

decorative picture of newspaper
New accounting standards under spotlight at international leasing conference
Over 100 members of the asset finance industry and businesses from across Europe met in London last Friday, 22 May, to debate the preliminary views on lease accounting that were published recently by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). They were joined by representatives of the IASB and European standard setters, together with leaders of the U.S. Equipment Leasing and Finance Association and the Australian Equipment Lessors Association.
decorative picture of newspaper
Consumers seek good deals in tight credit markets, says FLA
Consumers continue to seek good value during the credit crunch, in what remains a tight market. The latest figures from the Finance and Leasing Association (FLA) show a 12% reduction in overall new consumer lending by its members in March 2009 compared with the same month in 2008. The total new lending figure for the year ending in March was £58 billion, some 13% down on the previous year.
decorative picture of newspaper
Manufacturing investment suffers in Q1, says FLA
In the first quarter of 2009 most categories of asset finance saw a drop in business from the levels seen last year. Finance for plant and machinery fell by 44 per cent, reflecting the impact of the recession on UK manufacturing. But finance for ships, aircraft and rolling stock was up 7 per cent on Q1 2008.
decorative picture of newspaper
Repossessions levels held stable by responsible lenders
Figures published by the Finance & Leasing Association today demonstrate the success of measures taken by second charge lenders to avoid repossession.
decorative picture of newspaper
FLA: consumers shun '09' registrations in favour of used cars
March’s motor finance figures from the Finance and Leasing Association show:
decorative picture of newspaper
Lenders join forces with Police to reclaim illegal cars
A new Vehicle Recovery Scheme launched today aims to tackle illegal driving.
decorative picture of newspaper
Consumers shy away from unsecured loans, says FLA
The latest statistics released by the Finance and Leasing Association (FLA) showed that unsecured loan business has been significantly hit by the credit crunch with new business 45% lower in February compared with February 2008. An unsecured loan is a loan where the lender does not use the customer’s house as security.
decorative picture of newspaper
Incentives for investment must be backed by support for business and consumer lenders
The 2009 Budget recognises that incentives for business and personal investment can help lift the UK out of recession. But many businesses can only access capital allowances via leasing, and the Budget does nothing to make this easier. Similarly, moves to boost car sales are welcome – but still need to be supported by ensuring that finance companies can help those customers who want to buy. Government support for specialist lenders remains key to re-booting much of the economy.
decorative picture of newspaper
New FLA/Police partnership to reclaim illegal vehicles
Regional police authorities at an ACPO conference will today hear about a new Vehicle Recovery Scheme to be launched next month. The scheme - a partnership between the Finance & Leasing Association, which represents the motor finance industry, and regional police authorities - will enable motor finance companies to reclaim illegal vehicles seized by the police.
decorative picture of newspaper
New figures show further decline in motor dealer finance
The latest statistics released by the Finance and Leasing Association show the impact of the recession on motor finance providers in the UK:
decorative picture of newspaper
FLA calls for Chancellor to get Britain lending
In its Budget Submission to the Chancellor the Finance & Leasing Association has proposed an extension of capital allowances for SMEs.
decorative picture of newspaper
OFT review risks confusion for consumers, says FLA
The FLA has responded to today’s announcement by the OFT of a further review of the consumer credit sector by voicing concern about the number of parallel reviews currently underway.
decorative picture of newspaper
Green tax will impact on demand for 'greener' cars
New tax rules introduced this week will mean that businesses operating car fleets will have to pay around £50 extra tax per year on many cars with low emissions. According to the Finance & Leasing Association (FLA), the changes will increase the cost to leasing companies and their customers of investing in company cars at a time when the industry is facing economic pressures. This could reduce demand for new cars, even those with low emissions below 160g/km of CO2. The introduction of this tax on top of existing taxes penalises businesses for making ‘green’ fleet vehicle choices.
decorative picture of newspaper
Finance House Base Rate (FHBR) is 2.0% for April 2009
The FHBR will be 2.0% for April 2009, which represents a decrease of 0.5 percentage points on March 2009. Three-month money costs in the interbank market continued to fall in March. Based on current trends, FHBR is likely to remain at 2.0% for May 2009.
decorative picture of newspaper
Second charge mortgages hit by downturn
The latest statistics released by the Finance and Leasing Association (FLA) showed that second mortgage business has been significantly hit by the credit crunch with new business 84% lower in January compared with January 2008.
decorative picture of newspaper
Support asset finance for SMEs in the downturn, says FLA
Responding to comments made at the Federation of Small Business’ annual conference, Stephen Sklaroff, Director General of the Finance & Leasing Association, said:
decorative picture of newspaper
Keep lease accounting rules simple, says FLA
The FLA responded to the publication of the International Accounting Standards Board (IASB) discussion paper. Stephen Sklaroff, Director General of the Finance & Leasing Association, said:
decorative picture of newspaper
The FLA responds to the National Fraud Strategy announcement
Welcoming today’s announcement by the Attorney General about the establishment of a National Fraud Strategy, Stephen Sklaroff, Director General of the Finance & Leasing Association, said:
decorative picture of newspaper
Cost and benefit of new consumer regulation needs to be carefully weighed
Responding to the Government’s announcement of a White Paper on consumer rights law, Stephen Sklaroff, Director General of the Finance & Leasing Association, said:
decorative picture of newspaper
The FLA responds to proposed ban on credit card cheques and limit increases
Responding to reports from the BBC and Sky News that the Government intends to ban automatic credit card limit increases and the issue of credit card cheques, Stephen Sklaroff, Director General at the Finance & Leasing Association said:
decorative picture of newspaper
£123 million of motor finance fraud prevented in industry crackdown
A crack down on car finance fraud last year saved the motor finance industry £123 million. Finance companies’ efforts to combat attempted frauds at the application stage resulted in a 36 per cent drop in the number of fraud cases reported in Q4 2008, compared with the same period in 2007.
decorative picture of newspaper
London a hotspot for motor finance fraud
A quarter of all motor finance fraud in England in Q4 2008 took place in the Greater London area, according to new figures released today by the Finance and Leasing Association. Greater Manchester and the West Midlands had 7 per cent of the fraud cases each.
decorative picture of newspaper
Motor Dealer Finance under pressure in January
The latest statistics released by the Finance and Leasing Association show the impact of the recession on motor finance providers in the UK:
decorative picture of newspaper
The FLA comments on the CBI's access to finance survey
Commenting on the CBI’s research into the availability of credit to businesses in the UK, the Finance and Leasing Association’s Director General, Stephen Sklaroff, said:
decorative picture of newspaper
Finance House Base Rate (FHBR) is 2.5% for March 2009
The FHBR will be 2.5% for March 2009, which represents a decrease of 0.5 percentage points on February 2009. Three-month money costs in the interbank market fell gradually during February following the Bank of England’s announcement to cut the Bank rate by 0.5 of a percentage point. Based on current trends, FHBR is likely to remain at 2.5% for April 2009.
decorative picture of newspaper
Retail store credit bucks the trend, says FLA
The latest statistics released by the Finance and Leasing Association (FLA) showed that retail store credit grew by 3% in 2008. In particular, store instalment credit grew by 7% last year. Other sectors fared less well:
decorative picture of newspaper
Motorists turn to dealer finance in economic downturn
The latest statistics released by the Finance and Leasing Association show that the number of people buying cars on finance dropped significantly in the last three months of 2008.
decorative picture of newspaper
Finance for SMEs hit by economic downturn
The latest statistics released by the Finance and Leasing Association show that leasing and asset finance provided to businesses for capital investment dropped 19 per cent in Q4 of 2008 compared with the same period in 2007. The impact appears to be greatest on the SME sector.
decorative picture of newspaper
Second mortgage repossessions lower than expected, say FLA
New statistics released today (20 February) by the Finance and Leasing Association show that in 2008 there were 1,558 repossessions of properties originated by second-charge mortgage lenders (see note 1). This was lower than our forecast of 1,750 repossessions.
decorative picture of newspaper
London SMEs suffer worst sales slump as the North East forges ahead
Small firms in London have been hit harder by the economic downturn than those in other regions of the country, triggering widespread job losses in the capital, according to a new report published today (16 February).
decorative picture of newspaper
The FLA responds to the Competition Commission's final ruling on PPI
Responding to the Competition Commission, FLA Director General Stephen Sklaroff said:
decorative picture of newspaper
The FLA responds to Mandelson's automotive industry announcement
Responding to Lord Mandelson’s announcement on assistance for the automotive industry, the Finance and Leasing Association Director General, Stephen Sklaroff, said:
decorative picture of newspaper
The FLA responds to Government's business loans announcement
Responding to today’s (14 January) announcement of further government help for business funding, Stephen Sklaroff, Director General of the Finance and Leasing Association, said:
decorative picture of newspaper
The FLA comments on Mandelson's Radio Four World at One interview
Responding to Lord Mandelson’s comments on support for the car industry, Stephen Sklaroff, Director General of the Finance and Leasing Association said:
decorative picture of newspaper
Finance House Base Rate (FHBR) is 4.0% for January 2009
The FHBR will be 4.0% for January 2009, which represents a decrease of 1.5 percentage points on December 2008.
decorative picture of newspaper
Queen’s Speech and Draft Legislative Programme 2008/9
This morning (3 December), the Queen’s Speech outlined the Government’s legislative programme for the 2008/9 parliamentary session.
decorative picture of newspaper
Insolvency Service withdraws plans to introduce simplified IVAs
The Insolvency Service has withdrawn the legislative reform order which had been presented to Parliament to amend sections of the Insolvency Act 1986 aimed at simplifying IVAs (individual voluntary arrangements) and enabling authorised persons specialising in one form of voluntary arrangement i.e. individual or company.
decorative picture of newspaper
FLA launches Good Practice Guidelines for second charge mortgage lenders
The Finance & Leasing Association (FLA) today (18 November) launched new, consumer-facing, Good Practice Guidelines setting out what second charge mortgage customers encountering repayment difficulties can expect from their lenders.
decorative picture of newspaper
PPI Provisional Remedies Report
The Competition Commission has today (13 November) published its provisional decision on remedies.
decorative picture of newspaper
FLA calls on government to support asset finance for small businesses
The Finance and Leasing Association’s (FLA) Pre-Budget Report submission to the Chancellor today (22 October) called for a package of measures to help support continued investment by SMEs.
decorative picture of newspaper
Legislative Reform Order (LRO) amending the Consumer Credit Act – approved by House of Lords
The LRO (which amends the Consumer Credit Act in respect of buy-to-let lending, the provision of statements and the definition of payments) was approved by the House of Lords in debate on 8 October.
decorative picture of newspaper
Consumer Credit Act Implementation
On 1 October 2008, the final provisions of the Act came into force. These relate to post-contract transparency, time orders and new licensing categories for credit information and debt administration services.
decorative picture of newspaper
Finance House Base Rate (FHBR) is 6.0% for October 2008
This represents no change on September 2008.
decorative picture of newspaper
New report shows that the asset, motor and consumer finance industries support over 167,000 jobs
A new report (9 September) from Oxford Economics, commissioned by the Finance and Leasing Association (FLA), shows that the asset, motor and consumer finance industries support 167,000 jobs.
decorative picture of newspaper
Finance House Base Rate (FHBR) is 6.0% for September 2008
The FHBR will be 6.0% for September 2008, which represents no change on August 2008. The cost of three-month money in the interbank market fell over August, and is now around 75 basis points above Bank rate. Current trends in three-month money costs suggest FHBR will remain at 6.0% in October.
decorative picture of newspaper
Financing UK Small and Medium-sized Enterprises
The CBR survey into Financing UK Small and Medium-sized Enterprises was released today (29 August).
decorative picture of newspaper
New consumer credit licensing requirements to start in October
The OFT is calling on businesses to take the necessary steps to be ready for changes to the consumer credit licensing regime that come into force in the autumn.
decorative picture of newspaper
Claims regulator and OFT issue consumer alert
The MoJ and OFT have released (22 August) a joint press release warning consumers of the risks of paying Claims Management Companies (CMCs) upfront.
decorative picture of newspaper
OFT Launches Irresponsible Lending Review
The Office of Fair Trading has today (1 August 2008) published a scoping paper on a project looking at irresponsible lending in UK consumer credit markets.
decorative picture of newspaper
Sale of leasing companies
The Government stated in Chapter 4 of the Budget Report that it wished to consider the operation of the ‘Sale of Lessors’ legislation (Schedule 10, Finance Act 2006) and in particular noted that some commercially driven transactions may be being adversely affected. HMRC have prepared a discussion document that is available to interested parties.
decorative picture of newspaper
HM Treasury publishes Sir James Crosby's interim analysis of mortgage finance
HM Treasury has today (29 July) published Sir James Crosby's interim report into mortgage finance.
decorative picture of newspaper
Finance House Base Rate (FHBR) is 6.0% for August 2008
The FHBR will be 6.0% for August 2008, which represents no change on July 2008.
decorative picture of newspaper
Sharing Personal Data: Report on the Data Sharing Review
Today (11 July), the Ministry of Justice published a Report following the independent Review of Data Sharing undertaken by Richard Thomas, Information Commissioner, and Mark Walport, Director of the Wellcome Trust.
decorative picture of newspaper
Interest rates on hold at 5 per cent
The Bank of England’s Monetary Policy Committee today (10 July) voted to maintain the official Bank Rate paid on commercial bank reserves at 5.0%.
decorative picture of newspaper
OFT Consumer Credit Licence Register
The OFT's Consumer Credit Licence Register is now live (8 July). The Consumer Credit Register provides details of applications for holders of consumer credit licences, both current and past.
decorative picture of newspaper
New help for people managing money worries
Action to give people more support to tackle their money concerns is being announced today (7 July) by Yvette Cooper MP, chief secretary to the Treasury and Hector Sants, CEO of Financial Services Authority (FSA).
decorative picture of newspaper
Results of the Bank of England's Credit Conditions Survey - Q2 2008
Today (3 July) the Bank of England released the results of its Credit Conditions Survey for Q2 2008. This survey of bank and non-bank lenders, conducted between 27 May and 18 June 2008, provides a useful indication of current credit conditions and future trends in the supply (availability) and demand for credit.
decorative picture of newspaper
Court of Appeal Judgement: The Financial Ombudsman Service
In Heather Moor & Edgecomb Limited v Financial Ombudsman Service [2008] EWCA Civ 642, the Court of Appeal ruled that the Financial Services & Markets Act 2000, does not require the Financial Ombudsman Service to determine a complaint in accordance with the common law.
decorative picture of newspaper
Finance House Base Rate (FHBR) is 6.0% for July 2008
The FHBR will be 6.0% for July 2008, which represents no change on June 2008. The cost of three-month money in the interbank market continued to tick up in the first half of June and in the second half has remained fairly stable at almost 95 basis points above Bank rate. Current trends in three-month money costs suggest FHBR will remain at 6.0% in August.
decorative picture of newspaper
Competition Commission releases PPI provisional findings
The Competition Commission has this morning (5 June) published their provisional findings on PPI, along with a wide-ranging list of potential remedies.
decorative picture of newspaper
OFT warns consumers about misleading IVA mailings
The OFT is warning consumers to be careful before responding to unsolicited mailings which advise them to cancel existing individual voluntary arrangements (IVAs) and which suggest they opt for an alternative debt management solution such as bankruptcy instead.
decorative picture of newspaper
MAT, FLA and BBA launch new Common Financial Statement
On 16th of June, the Money Advice Trust (MAT), the British Bankers’ Association (BBA) and the Finance and Leasing Association (FLA) will re-launch an improved and updated version of the Common Financial Statement (which standardises the way money advisers and creditors communicate with each other about repayment offers).
decorative picture of newspaper
Finance House Base Rate (FHBR) is 6.0% for June 2008
The FHBR will be 6.0% for June 2008, which represents no change on May 2008.
decorative picture of newspaper
Department for Business, Enterprise and Regulatory Reform: Consumer law to be simplified
The Government is planning fundamental changes to UK consumer law, to benefit consumers, reduce burdens for business and help enforcers.
decorative picture of newspaper
FSA calls for all insurance comparison websites to provide consumers with clear, fair and not misleading information
A Financial Services Authority (FSA) assessment of the insurance comparison website market has found evidence of both good and bad practice, but the regulator is looking for all websites to ensure that users are treated fairly.
decorative picture of newspaper
Bank of England Monetary Policy Committee hold Bank Rate at 5%
The Bank of England's Monetary Policy Committee today (8 May) voted to maintain the official Bank Rate paid on commercial bank reserves at 5.0%.
decorative picture of newspaper
Insolvency Service – First quarter 2008 statistics
Today (2 May) the Insolvency Service issued first quarter 2008 statistics for company liquidations and personal insolvencies. The data show that the number of companies in liquidation was up 4.0% in the first quarter of 2008, when compared with the same quarter one year ago, while the number of personal insolvencies fell 13.2% over the same period.
decorative picture of newspaper
Finance House Base Rate (FHBR) is 6.0% for May 2008
The FHBR will be 6.0% for May 2008, which represents no change on April 2008. There has been little movement in the cost of three-month money since the Bank of England announced plans to inject £50 billion into the banking system to ease liquidity problems at the beginning of this week. Current trends in three-month money costs suggest FHBR will remain at 6.0% in June.
decorative picture of newspaper
Bank of England - Special liquidity scheme
The Bank of England is today (21 April) launching a scheme to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills.
decorative picture of newspaper
New rules target rogue lenders and debt collectors
Tough new protections come into force today (7 April) to protect people from rogue lenders and debt collectors.
decorative picture of newspaper
Finance House Base Rate (FHBR) is 6.0% for April 2008
The FHBR will be 6.0% for April 2008, which represents no change on March 2008. However, the cost of three-month money in the interbank market has increased significantly over the past month and if this trend continues then the FHBR is likely to rise in May.
decorative picture of newspaper
FSA reports firms are adopting good practice to tackle money laundering
The FSA has today (14 March) published a report into firms' management of money laundering risk. It concludes that:
decorative picture of newspaper
FLA Budget 2008 round-up
FLA has examined the Budget to draw out issues which are relevant to members. The Budget was handed down on 12 March 2008
decorative picture of newspaper
SAF - Dealer competence test reaches new milestone
The Finance & Leasing Association (FLA) is delighted to report that John Coombes of Howards Peugeot, a Taunton-based dealership, has become the 3000th individual to gain the Certificate of Specialist Automotive Finance (SAF) Competence.
decorative picture of newspaper
Developing financially capable young people
Teaching young people to better manage their money can help prepare them for the world of bank accounts, credit cards, insurance and mortgages, according to the latest report by Ofsted, the Office for Standards in Education, Children’s Services and Skills.
decorative picture of newspaper
Crosby report published
Sir James Crosby's independent review, 'Challenges and opportunities in identity assurance', is published today (6 March).
decorative picture of newspaper
A financial fringe benefit for MPs’ constituents
The Financial Fringe has produced this guide, aimed at MPs, Councillors and members of the devolved Parliaments and Assemblies, to be used as an information tool in public surgeries. It provides guidance on the wide range of financial products and issues experienced by consumers in their everyday lives.
decorative picture of newspaper
Consumer Protection from Unfair Trading Regulations 2008
The Consumer Protection from Unfair Trading Regulations 2008 which were laid in Parliament today (3 March). These Regulations will implement the EU Unfair Commercial Practices Directive.
decorative picture of newspaper
Otto Thoresen sets out recommendations for a national money guidance service
Otto Thoresen has today (3 March) published the final report of the Thoresen Review of Generic Financial Advice. The report sets out a high-level blueprint for a national money guidance service to provide the people of the UK with the knowledge, understanding and confidence to make better decisions about money issues.
decorative picture of newspaper
Finance House Base Rate (FHBR) is 6.0% for March 2008
The FHBR for March 2008 will be 6.0%, down from 6.5% in February. The cost of three-month money in the interbank market has remained relatively stable over the last month and at the end of February was at similar level to that reported at the end of May 2007.
decorative picture of newspaper
Judge rules against FOS over “unfair” case fees
A County Court judge has ruled the Financial Ombudsman Service is wrong to charge an adviser a case fee when the case is rejected by the FOS.
decorative picture of newspaper
FLA Treating Customers Fairly conference
Sarah Wilson, Director of Treating Customers Fairly (TCF) at the FSA, this morning (12 February) gave a speech at a well-attended FLA conference stressing the importance of firms implementing a TCF culture.
decorative picture of newspaper
OFT publishes credit card comparisons report
The OFT has published its report into credit card comparisons, which makes a series of recommendations to help consumers choose a credit card.
decorative picture of newspaper
Financial Services Authority publishes its 2008/9 business plan
Today (6 February) the FSA has published its 2008/9 annual business plan. The plan sets out the FSA's programme of work for the year ahead to address the risks highlighted by the Financial Risk Outlook which was sent to members last week.
decorative picture of newspaper
New standards for IVA providers come into force
A new set of standards to help people resolve their debt difficulties through Individual Voluntary Arrangements (IVAs) come into force today (1st February), following an agreement between IVA providers and the credit industry.
decorative picture of newspaper
European Commission launches Consumer investigations
Meglena Kuneva, the European Commissioner for Consumer Protection, has today launched a new "Consumer Market Watch" process to investigate how markets in various sectors of the economy perform from a consumer perspective.
decorative picture of newspaper
Chancellor publishes financial stability consultation
As has been widely trailed, the Chancellor of the Exchequer has today (30 January) launched a consultation on proposals to strengthen the current framework for financial stability and depositors. The consultation paper is a joint publication by HM Treasury, the Financial Services Authority and the Bank of England.
decorative picture of newspaper
FSA Financial Risk Outlook 2008
The Financial Services Authority (FSA) today (29 January) published its Financial Risk Outlook (FRO) warning firms and consumers of the "risks inherent in a significantly less benign economic environment". It identifies the following five priority risks for the economy:
decorative picture of newspaper
Finance House Base Rate (FHBR) is 6.5% for February 2008
The FHBR will remain at 6.5% in February 2008. The cost of three-month money in the interbank market has fallen by just over 40 basis points since the end of December. Based on the current level and trend in three-month money costs, it is likely that the FHBR will fall to the pre-credit crunch level of 6.0% for March 2008.
decorative picture of newspaper
New tax relief for entrepreneurs
A new capital gains tax relief for entrepreneurs, reflecting the Government's continued commitment to supporting small business and enterprise was announced by the Chancellor of the Exchequer today (24 January).
decorative picture of newspaper
MoJ Consultation on Administration and Enforcement Restriction Orders
The Ministry of Justice has today (16 January) published a consultation paper proposing to give people who need extra time to pay off their debts the option to go to court for a new Enforcement Restriction Order.
decorative picture of newspaper
Consumer Credit Directive - agreement reached
The European Parliament has today (16 January) adopted an amended text of the Consumer Credit Directive, which applies to credit agreements between €200 and €75,000.
decorative picture of newspaper
OFT publishes revised consumer credit guidance
The OFT has published revised guidance on fitness and requirements for Consumer Credit licence holders and applicants, as well as a statement of policy on civil penalties for failure to comply with requirements.
decorative picture of newspaper
Justice Committee releases first report into Protection of Private Data
MPs have expressed serious concerns that there are more cases involving the loss of personal data by the government which have yet to come to light.
decorative picture of newspaper
Finance House Base Rate (FHBR) is 6.5% for January 2008
The FHBR will remain at 6.5% in January 2008. Central Banks intervened to improve liquidity in the financial markets in mid-December and since then the upward pressure on the three-month interbank rate has eased.
decorative picture of newspaper
A message from the Financial Ombudsman Service
The Financial Ombudsman Service has written to stakeholders to explain the differences in figures between the October presentation and the January plan.
decorative picture of newspaper
Treasury launches consultation on the implementation of the Payment Services Directive
Economic Secretary to the Treasury Kitty Ussher said that opening up the EU payments market to greater competition as a result of the Payment Services Directive would improve consumer choice, and make cross-border payments cheaper, easier and more efficient while also providing effective consumer protection.
decorative picture of newspaper
Generic Financial Advice update
Around 5000 people have taken advantage of a free, impartial and independent generic financial advice service as part of a 12-week trial testing out the concepts of delivering information and guidance on money matters, from jargon busting to saving for retirement.
decorative picture of newspaper
Rolling stock market investigation - emerging thinking
The Competition Commission (CC) has today (19 December) published the latest document as part of its investigation into the market for the leasing of rolling stock for franchised passenger services and related maintenance services in Great Britain.
decorative picture of newspaper
JMLSG welcomes HM Treasury approval of new industry guidance
The Joint Money Laundering Steering Group welcomes the Treasury's approval of the revised JMLSG guidance for the financial services industry.
decorative picture of newspaper
SAF - Dealer competence test goes from strength to strength
FLA is delighted to report that Glenn Trew of Blue Motor Finance has become the 2,000th individual to gain the Certificate of Specialist Automotive Finance (SAF) Competence.
decorative picture of newspaper
New White Paper on the Integration of EU Mortgage Markets
The European Commission has published a White Paper on the Integration of EU Mortgage Markets.
decorative picture of newspaper
Financial services: Commission encourages better financial education for EU citizens
The European Commission has adopted a Communication on Financial Education. The Commission stresses the importance of increasing the ability of Europe's citizens to understand and engage with financial products and services.
decorative picture of newspaper
FSA cuts back on detailed insurance selling rules but tightens up where customers are not being treated fairly
The Financial Services Authority (FSA) today (18 December) published its new Insurance Conduct of Business sourcebook (ICOBS) which sets out the standards and requirements for general insurance firms on how they deal with their customers.
decorative picture of newspaper
Business Tax Reform: draft legislation on capital allowances published
The Government is today (17 December) publishing two technical notes containing draft legislation on the key new elements of the capital allowances system, announced as part of the package of reforms to the business tax system in Budget 2007.
decorative picture of newspaper
Consultation launched into the use and sharing of personal information
A consultation into how personal information is used and shared in the public and private sectors has been launched today (12 December) by Richard Thomas and Dr Mark Walport. FLA will be responding to the consultation.
decorative picture of newspaper
Tackling over-indebtedness in Britain
People struggling with debt are being helped by a range of government initiatives. The fourth cross-government Over-Indebtedness Annual Report examines action that is being taken to tackle the problem. FLA assisted with the drafting of this report, and has a place on the Over-Indebtedness Task Force.
decorative picture of newspaper
Finance House Base Rate (FHBR) is 6.5% for December 2007
The FHBR will remain at 6.5% in December 2007. The cost of three-month money in the interbank markets remained stable throughout October and the first part of November but has started to rise again as uncertainty continues to surround the extent of losses stemming from the US sub-prime crisis.
decorative picture of newspaper
OFT publishes statement of consumer protection enforcement principles
The OFT is reviewing its enforcement methods and has drawn up an overall statement of our enforcement principles, linking to other existing guidance on more specific compliance issues.
decorative picture of newspaper
BERR Consumer Credit Act 2006 Stakeholder notice
The Stakeholder Notice provides an update on arrangements to implement the Consumer Credit Act 2006. It relates specifically to the third Commencement Order and the proposed Legislative Reform Order (LRO) to exempt buy-to-let lending from consumer credit regulation.
decorative picture of newspaper
Commission proposes to modernise VAT rules for financial services and insurances
The European Commission has today (28 November) adopted a proposal for a Directive aiming at modernising and simplifying the complex VAT rules for financial and insurance services and securing a level playing field in the pan-EU market for these services as far as VAT is concerned.
decorative picture of newspaper
SOCA publishes the first Annual Report on the Suspicious Activity Reports (SARs) regime
The first Annual Report on the Suspicious Activity Reports (SARs) regime, published today (28 November), highlights substantial progress since Sir Stephen Lander's review of the regime of March 2006.
decorative picture of newspaper
JMLSG Board approves Money Laundering Guidance
The JMLSG Board has today (13 November) approved revisions to its Guidance to reflect changes in the UK AML regime to be introduced by the Money Laundering Regulations 2007.
decorative picture of newspaper
House of Lords report on UK Regulators
The House of Lords Select Committee on Regulators today (13 November) published its report into the state of UK Regulation.
decorative picture of newspaper
Reminder of FSA keyfacts logo transition period ending
Last year, following consultation, the FSA amended the rules around the use of the FSA 'keyfacts' logo to reflect the fact it had been registered as a trademark (adding the ® symbol).
decorative picture of newspaper
2007 State Opening of Parliament: Queen's Speech
Twenty-two Bills and seven draft Bills were included in this morning's (6 November) Queen's Speech.
decorative picture of newspaper
Competition Commission publishes emerging thinking on PPI
This morning, 6 November, the Competition Commission has published their emerging thinking on PPI, along with nine working papers and the results of a qualitative survey of PPI customers which was conducted in July 2007.
decorative picture of newspaper
FSA publishes 'Treating Customers Fairly: Measuring Outcomes' guidance
Today (6th November) the FSA have published a document setting out the intended outcomes from their Treating Customers Fairly (TCF) project and measuring progress by regulated companies in achieving them.
decorative picture of newspaper
OFT publishes anti-money laundering guidance
The OFT have published guidance for those businesses that they will supervise (estate agents and some consumer credit lenders) for anti-money laundering (AML) purposes.
decorative picture of newspaper
Card companies lose s.75 appeal
Credit card firms have been told by the House of Lords today (31 October) that they must give refunds to people who buy goods or services abroad which are undelivered or damaged.
decorative picture of newspaper
European Parliament publishes draft report on Consumer Credit Directive
Kurt Lechner MEP, the rapporteur (draftsman), has published his draft report on the Consumer Credit Directive.
decorative picture of newspaper
FSA becomes UK payment services regulator
Economic Secretary to the Treasury, Kitty Ussher, today (29 October) announced that the FSA will take on responsibility for regulating payment services such as direct debits, card payments, and remittances. This stems from the Payments Services Directive.
decorative picture of newspaper
Finance House Base Rate (FHBR) will be 6.5 per cent in November.
After hitting a nine-year high of 7 per cent in October, FHBR will fall back to 6.5 per cent in November as the high weekly rates associated with the summer's market turbulence fall out of the eight-week moving average on which FHBR is based.
decorative picture of newspaper
Thoresen Review team publishes Interim Report into Generic Financial Advice
Today (22 October) the Thoresen Review team have published their Interim Findings of their review into generic financial advice. FLA has responded both to Otto Thoresen and publicly, with concerns over the targeting of advice and the funding proposals
decorative picture of newspaper
Attorney General sets out a new vision for fighting fraud
Today (9 October), the Government gave the green light to a groundbreaking initiative to protect business, taxpayers and the public from fraud. FLA and its members have put a lot of effort into stamping out fraud and will continue to work with the new initiatives announced by the Attorney General today.
decorative picture of newspaper
Pre-Budget Report and Comprehensive Spending Review
Today (9 October) the Chancellor of the Exchequer presented the combined pre-Budget Report and Comprehensive Spending Review. FLA have drawn out points of interest to members, and have included these in a summary document.
decorative picture of newspaper
FHBR - October 2007
The Finance House Base Rate (FHBR) for October 2007 is 7.0%, the FLA announced today (28 September). This is an increase on September's FHBR of 6.5%.

decorative picture of newspaper
FSA releases Thematic update on the sale of payment protection insurance
The FSA has released the report of its Third Thematic Review into the Sale of Payment Protection Insurance today (26 September). FLA has responded to the concerns commenting that improvements have been made, and that industry is working hard to improve information given to consumers.
decorative picture of newspaper
Competition Commission makes Home Credit Order
The Competition Commission has today (13 September) made an Order following written representations on the draft Order posted on 29 June 2007.
decorative picture of newspaper
Thoresen Review announces consumer pilots of Generic Financial Advice
The Thoresen Review, an independent review set up by HM Treasury to look at how Generic Financial Advice (GFA) can be provided, today (10 September) announced that Consumer Direct, in partnership with Citizens Advice Bureau, Cumbria County Council and Agilisys, and A4e will operate GFA consumer pilots in the North West, London, Staffordshire and South Yorkshire.
decorative picture of newspaper
Industry Guidance key role in Principles-Based Regulation
The Financial Services Authority's (FSA) new framework for recognising Industry Guidance comes into effect today (4 September). FLA is actively engaged in this work with FSA to make sure that any guidance in FSA regulated areas is fully compliant with regulatory requirements.
decorative picture of newspaper
FHBR - September 2007
The Finance House Base Rate (FHBR) for September 2007 is 6.5%, an increase on August's 6.0%.

decorative picture of newspaper
Competition Commission releases issues statement on rolling stock leasing market
The Competition Commission (CC) has today (17 August) published an issues statement as part of its investigation into the market for the leasing of rolling stock for franchised passenger services and related maintenance services in Great Britain.
decorative picture of newspaper
Conservatives publish competitiveness proposals
The Conservative Party Economic Competitiveness Policy Group has today launched its report entitled 'Freeing Britain to compete.'
decorative picture of newspaper
Sentencing Advisory Panel launches consultations on fraud offences
Greater consistency is required in sentencing for fraud offences. That is the clear message set out in a consultation paper issued today (16 August) by the Sentencing Advisory Panel.
decorative picture of newspaper
Inflation falls in July
CPI inflation was 1.9 per cent in July, down from 2.4 per cent in June.
decorative picture of newspaper
Government must act now to maintain confidence in the internet
The House of Lords Science and Technology Committee have today (10 August) highlighted the threat to the future of the Internet posed by e-crime, and have argued that the Government must do more to protect individual Internet users.
decorative picture of newspaper
Tackling Money Laundering Suspicious Activity Reports
The Home Office has released a consultation paper looking at how Suspicious Activity Reports (SARs) are reported.
decorative picture of newspaper
Financial problems? 3 million young adults would consider bankruptcy
While a generation ago bankruptcy was the preserve of the failing business, many of today's young adults see declaring bankruptcy or opting for Independent Voluntary Arrangements (IVA) as an acceptable solution to their financial difficulties.
decorative picture of newspaper
Unclaimed assets within the financial system
The Treasury Committee's eleventh report on unclaimed assets within the financial system has been published today (7 August).
decorative picture of newspaper
Local government finance: supplementary business rate
The communities and local government committee has today (7 August) published its seventh report of the Session on local government finance: supplementary business rates.
decorative picture of newspaper
Company liquidations and personal insolvencies in Q2 2007
The Insolvency Service today issued second quarter statistics for company liquidations and personal insolvencies. Highlights from the release include:
decorative picture of newspaper
Amendment to Capital Allowances (Energy-saving Plant and Machinery) (Amendment) Order 2007
The Government has today (1 August) published Statutory Instrument 2165/2007 concerning an Amendment to Capital Allowances (Energy-saving Plant and Machinery) (Amendment) Order 2007.
decorative picture of newspaper
FSA grants waiver to firms on complaints handling
The Financial Services Authority (FSA) has today (27 July) issued a 'waiver' from its complaints handling rules that apply to unauthorised overdraft charges complaints.
decorative picture of newspaper
OFT launches test case on unauthorised overdraft charges
The OFT will today (27 July) commence proceedings in the High Court for a declaration on the application of the law in respect of unauthorised overdraft charges.
decorative picture of newspaper
FSA issues latest publications to support delivery of TCF initiative: Culture and Management Information
The Financial Services Authority (FSA) has today (26 July) issued its latest publications to support the delivery of the Treating Customers Fairly (TCF) initiative, which continues to be a key priority for the FSA's work in the retail market.
decorative picture of newspaper
Financial Secretary to the Treasury launches consultation on business tax reform
Financial Secretary to the Treasury, Jane Kennedy MP, today (26 July)launched a consultation on changes to capital allowances - part of the package of reforms to business tax announced in Budget 2007.
decorative picture of newspaper
Next steps in tackling regulation reform
John Hutton, Secretary of State for Business, Enterprise and Regulatory Reform today (25 July) announced the next steps in tackling regulation reform and creating a dynamic business environment.
decorative picture of newspaper
HMT publishes Money Laundering Regulations
HM Treasury has today (25 July) published the Money Laundering Regulations which implement the Third Money Laundering Directive.
decorative picture of newspaper
Management of large business Corporation Tax
HMRC has made progress in changing the way it deals with Corporation Tax for the largest businesses in the UK, the NAO says today (25 July), but there are ways in which it can improve, particularly in focusing on higher amounts of tax at risk.
decorative picture of newspaper
OFT publishes its Annual Report
The OFT today (23 July) published its Annual Report.
decorative picture of newspaper
Manufacturing lifts economy
GDP rose by 0.8 per cent in the second quarter of 2007, compared with a rise of 0.7 per cent in the previous quarter.
decorative picture of newspaper
Expanding foundation trust sector delivering real benefits to patients, says Monitor
Transparent and robust regulation is helping the rapidly-expanding foundation trust sector deliver significant benefits to patients, Dr William Moyes, Executive Chairman of Monitor, the independent regulator of NHS foundation trusts said today (19 July).
decorative picture of newspaper
Vehicle Safe Trading Advisory Group publishes consumer guide
Auto Trader, eBay Motors, Exchange & Mart, FLA, Motors.co.uk, and the Metropolitan Police have joined together to form the Vehicle Safe Trading Advisory Group, VSTAG, to combat vehicle-related fraud.
decorative picture of newspaper
Inflation falls in June
The consumer price index rose by 2.4 per cent in June down from 2.5 in May.
decorative picture of newspaper
Firms agree to change the way they sell PPI over the internet
Major finance firms have agreed to change the way they sell payment protection insurance (PPI) over the internet, following action by the Financial Services Authority (FSA).
decorative picture of newspaper
Government announces legislative programme
The Government today announced its draft legislative programme for the next parliamentary session.
decorative picture of newspaper
Conservatives publish proposals on debt
The Conservative Social Justice Policy Group has published its report into the social breakdown of Britain, one volume of which concerns 'Serious Personal Debt'.
decorative picture of newspaper
FSA publishes 'payment protection insurance and unsecured personal loan comparative tables'
The FSA has today (9 July) published payment protection insurance and unsecured personal loan comparative tables.
decorative picture of newspaper
Bank of England raises base rate to 5.75 per cent
Today (5 July) the Bank of England's Monetary Policy Committee raised the base rate 25 basis points from 5.5 per cent to 5.75 per cent
decorative picture of newspaper
House price growth continues
The latest research from Halifax show that house prices continue to increase but the rate of growth is slowing.
decorative picture of newspaper
FSA finds poor practice by intermediaries and lenders within sub-prime market
The FSA has published its latest review of the behaviour of intermediaries and lenders within the sub-prime mortgage market, and as a result of claimed poor practice has started enforcement action against five firms.
decorative picture of newspaper
The FDA becomes the ABFA
The UK trade association for invoice finance has changed its name. The FDA became the ABFA (Asset Based Finance Association) on 2 July.
decorative picture of newspaper
Consultation on changes to Regulation of Number Plate Supply
The DVLA has today (3 July) released a consultation on changes to the regulation of number plate supply.
decorative picture of newspaper
FSA visit motor dealerships on sale of PPI
The FSA has visited 150 firms in June (including 40/50 motor dealerships) to assess the quality of PPI sales and to ascertain whether accurate sales records have been kept.
decorative picture of newspaper
Industry invites comments on changes to anti-money laundering guidance
The Joint Money Laundering Steering Group (JMLSG) is inviting comments on proposed amendments to its risk-based guidance which has been updated to reflect new Money Laundering Regulations.
decorative picture of newspaper
FSA sets out a principles-based future for general insurance regulation
The Financial Services Authority (FSA) today (29 June) published a consultation paper proposing to radically reform the rules firms need to follow in carrying out general insurance business with their customers.
decorative picture of newspaper
Home Credit Market Investigation: Notice of intention to make an Order, Draft Order & Explanatory note published
The Competition Commission has today (29 June) published some information relating to their Inquiry into the Home Credit market.
decorative picture of newspaper
DfT publishes Capability Review
The Department for Transport has published a Capability Review since its creation in 2002 which recognised the challenges facing the department and sets out its key priorities for moving forward.
decorative picture of newspaper
Most vehicle operators have yet to plan for the London Low Emission Zone
A recent survey by exhaust specialists Eminox shows that with eight months to go before the London Low Emission Zone becomes law, 62% of the 1,000 operators surveyed have yet to plan how they will deal with the LEZ.
decorative picture of newspaper
OFT announces consumer credit consultations
The OFT is today (26 June) announcing a formal consultation on the draft guidance on fitness and requirements for holders and applicants of Consumer Credit licences, as well as simultaneously consulting on a draft statement of policy on civil penalties for failure to comply with requirements.
decorative picture of newspaper
OFT to work with the credit card industry to improve consumer information
The OFT has today (26 June) announced a new programme of work with the credit card industry and consumer bodies to make the cost of credit cards easier for consumers to understand.
decorative picture of newspaper
A guide to payment protection insurance (PPI)
Insurers, banks, mortgage lenders and consumer credit providers have joined forces to produce a consumer guide to PPI. This explains how PPI works and advises customers on what they need to ask the seller to ensure the product is suitable for them.
decorative picture of newspaper
Ministry of Justice: Consultation on Freedom of Information Fees Regulations ends
Consultation on draft Freedom of Information and Data Protection (Appropriate Limit and Fees) Regulations closes today (21 June).
decorative picture of newspaper
HM Treasury: Ed Balls publishes credit union review consultation
Economic Secretary, Ed Balls signalled the government commitment to the mutual sector today (21 June) by publishing a consultation document that aims to ensure the sector has the best toolset to operate in the modern economy.
decorative picture of newspaper
New EU cash declaration rules commence 15 June
A new European Union (EU) law on travellers declaring cash comes into force tomorrow. It is being introduced to help combat money laundering.
decorative picture of newspaper
Retail sales growth continues
UK retail sales rebounded in May and underlying growth remained firm the Office for National Statistics revealed on Thursday.
decorative picture of newspaper
FLA launches dealer competence test
Leading motor finance professionals from the Board of FLA (Finance & Leasing Association) today (13 June) launched a motor finance Competence Test, aimed at helping dealerships improve their staff’s understanding of selling finance products responsibly.
decorative picture of newspaper
Inflation falls in May
CPI annual inflation was 2.5 per cent in May, down from 2.8 per cent in April.
decorative picture of newspaper
DfT publishes fixed penalty notice consultation
The Department for Transport has issued a consultation which explains how the current fixed penalty notice regime works, and why a graduated fixed penalty scheme and a deposit scheme are being introduced.
decorative picture of newspaper
DTI consults on Scottish floating charges
The DTI is consulting on the use of the power provided by the Companies Act 2006 which would enable floating charges registered in the Scottish register of floating charges to be treated as if they have been registered with the Registrar. This will remove the burden of double registration for Scottish floating charges.
decorative picture of newspaper
DTI consults on unfair selling practices
Consumer Minister, Ian McCartney today (29 May) published a consultation that will implement the Unfair Commercial Practices Directive (UCPD) aimed at outlawing aggressive and unfair trading and selling practices.
decorative picture of newspaper
OFT publishes draft Guidance on Unfair Trading Regulations
The OFT and DTI are conducting a 12 week public consultation (until 21 August) on draft Guidance on the proposed Consumer Protection from Unfair Trading Regulations implementing the Unfair Commercial Practices Directive into UK law.
decorative picture of newspaper
Economic growth solid in first quarter 2007
GDP rose by 0.7 per cent in the first quarter of 2007, in line with its average rate over the past decade, data from the Office for National Statistics revealed today.
decorative picture of newspaper
Business Investment down 1.3% in first quarter 2007
Business investment for the first quarter of 2007 is estimated to be 9.6 per cent higher than the same period of last year and 1.3 per cent lower than the previous quarter, according to data from the Office for National Statistics.
decorative picture of newspaper
Financial Ombudsman Service publishes annual review of personal finance disputes
The Financial Ombudsman Service - the independent organisation that settles disputes between consumers and financial companies - today (22 May) publishes its annual review for 2006/07.
decorative picture of newspaper
Political agreement on proposed Consumer Credit Directive
The Competitiveness Council today (21 May) reached political agreement on the Consumer Credit Directive. This needs to be ratified before it becomes a common position and is passed on to the European Parliament.
decorative picture of newspaper
DTI appoints VCA as the distributor enforcement body for the WEEE regulations
The Science and Innovation Minister, Malcolm Wicks, today (18 May) announced the appointment of the Vehicle Certification Agency (VCA) as the enforcement body for the distributor obligations under the Waste Electrical and Electronic Equipment (WEEE) Regulations.
decorative picture of newspaper
OFT accepts undertakings from Inchcape instead of reference to the Competition Commission
The OFT has decided to accept the undertakings offered by Inchcape plc (Inchcape) to address the competition concerns which arose from the acquisition by Inchcape of European Motor Holdings plc (EMH).
decorative picture of newspaper
Financial Services Practitioner Panel issues its annual report for 2006-07
The Financial Services Practitioner Panel has today (17 May) published its Annual Report for the period 2006/7.
decorative picture of newspaper
Inflation falls from last month’s record
CPI annual inflation was 2.8 per cent in April, down from 3.1 per cent in March, figures from the Office for National Statistics revealed.
decorative picture of newspaper
Competition Commission pronounces on Northern Ireland personal banking
Personal banking customers in Northern Ireland will benefit from new measures to increase competition. This follows today's final report from the Competition Commission (CC) on the market for personal current account (PCA) services in Northern Ireland. The CC found that competition was limited by banks' unduly complex charging structures and practices, their failure adequately to explain them and customers' reluctance to switch to another bank.
decorative picture of newspaper
CBI's Lambert sets up task force to examine whether UK business tax regime is still fit for purpose
CBI Director-General Richard Lambert today (Monday) launched a new Tax Task Force to examine whether the UK's corporate tax regime is still fit for purpose and to make recommendations for future policy.
decorative picture of newspaper
City Minister Ed Balls announces International Centre for Financial Regulation
City Minister Ed Balls announced the next steps in the Government agenda to increase the global competitiveness of the UK's Financial Services industry at a City High-Level Group meeting, chaired by the Chancellor of the Exchequer Gordon Brown on Wednesday 9 May.
decorative picture of newspaper
FSA announces progress made on TCF
Today the FSA has released a progress report on their regulated firms commitments to Treating Customers Fairly (TCF).
decorative picture of newspaper
Commission pushes forward with EU Business Tax Base
The European Commission has adopted a Communication outlining key areas in which action should be taken in order to create a common EU corporate tax base though it confirmed that it will not make any proposal on harmonizing tax rates.
decorative picture of newspaper
Proposed changes to individual voluntary arrangements (IVAs)
The Insolvency Service began a 12 week consultation process today (8 May) looking at proposals to simplify Individual Voluntary Arrangements (IVAs).
decorative picture of newspaper
Commission launches debate on future EU policy on retail financial services
The European Commission has set out, in the form of a Green Paper, its vision for future EU policy on retail financial services, which are financial products such as bank accounts, loans, mortgages, investments and insurance provided to individual consumers.
decorative picture of newspaper
Retail sales volume growth at three year high
High street shops enjoyed strong annual growth in sales volumes, with the balance of retailers reporting a year-on-year increase the highest in almost three years, the latest CBI Distributive Trades Survey revealed.
decorative picture of newspaper
NAO publishes report on Financial Services Authority
Ed Balls, Economic Secretary, today (30 April) published the Treasury-commissioned National Audit Office (NAO) report on economy, efficiency and effectiveness of the FSA.
decorative picture of newspaper
Regulators and the Ombudsman - the critical role of the Financial Ombudsman Service
Speech by Vernon Everitt, Director, Retail Themes, FSA British & Irish Ombudsman Association Conference Friday 27 April
decorative picture of newspaper
UK economy up by 0.7% in first quarter
GDP rose by 0.7 per cent in the first quarter of 2007 figures from the Office for National Statistics revealed today.
decorative picture of newspaper
OFT launches market study into personal current accounts
The OFT has today (26 April) launched a market study into personal bank current account pricing, alongside a formal investigation into the fairness of charges for unauthorised overdrafts and returned items.
decorative picture of newspaper
FSA tells firms to improve general insurance sales standards when cold calling
The Financial Services Authority (FSA) today said firms must improve the standards of cold calling when selling general insurance over the telephone to ensure they are treating their customers fairly.
decorative picture of newspaper
FSA publishes paper on principles-based regulation
Today the FSA has published a paper, "Principles based regulation: Focusing on the outcomes that matter", that draws together its thinking on the future of regulation and its commitments to shift to a more principles-based approach.
decorative picture of newspaper
CPI at record 3.1 per cent
CPI annual inflation hit 3.1 per cent in March requiring an explanatory letter from Bank of England governor Mervyn King to Gordon Brown.
decorative picture of newspaper
Consumer Credit final SIs
The DTI have today (12 April) published final SIs relating to the Consumer Credit Act 2006.
decorative picture of newspaper
PPI Market Investigation - Issues Statement
The Competition Commission (CC) has today (12 April) published an issues statement as part of its investigation into the market for the supply of payment protection insurance (PPI) in the UK.
decorative picture of newspaper
Consultation on revised guidance for the Unfair Terms in Consumer Contracts Regulations 1999
The Office of Fair Trading (OFT) is conducting a six week public consultation on revisions to the guidance on the Unfair Terms in Consumer Contracts Regulations 1999 (the Regulations).
decorative picture of newspaper
Consumers get tough new protection from unfair and dishonest lenders
Millions of borrowers will today benefit from the biggest shake-up in consumer protection law for more than 30 years.
decorative picture of newspaper
Financial Ombudsman Service: Consumer credit customers covered by ombudsman for first time
From this Easter-weekend, customers of up to 80,000 UK businesses will be covered by the Financial Ombudsman Service (FOS) for the first time - when the ombudsman's remit is officially extended under Consumer Credit legislation.
decorative picture of newspaper
UK corporate profitability at record levels
Figures released today by the Office for National Statistics (ONS) indicated that the net rate of return achieved by private non-financial corporations reached record levels in the final quarter of 2006. The overall rate stood at 15.5%. By sector, manufacturing reported an increase to 10.0% and the Service sector rose to 20.9%.
decorative picture of newspaper
Treasury Select Committee publish fourth report on financial inclusion
The fourth Special Report from the Treasury Committee has been published. It includes Government and other responses to the Committee's Reports on Financial inclusion.
decorative picture of newspaper
Accelerating the Financing of Low Carbon Assets
UKSIF's 'Accelerating' project examined the feasibility of accelerating the use of low carbon asset finance by business and the voluntary sector in the UK. The project was completed in March 2007 with the publication of the final report.
decorative picture of newspaper
New rules for reporting card, cheque and online banking fraud
On Sunday (1 April) new procedures came into effect in England, Wales and Northern Ireland which means that banks and financial institutions become the first point of contact for cheque, plastic card and online fraud offences.
decorative picture of newspaper
Finance Bill published
The Finance Bill has been published today (29 March).
decorative picture of newspaper
Home Office responsibilities to change
The Prime Minister announces major changes to the Home Office.
decorative picture of newspaper
OFT announces 'quick fix' on bank charges will disadvantage consumers
In response to consumer concerns over bank current account charges, the OFT has today (29 March) announced an in-depth study of retail bank pricing. This will sit alongside a formal investigation into the fairness of bank current account charges. Full details of the study will be announced in late April, and it is expected to be completed by the end of the year.
decorative picture of newspaper
Consumers to benefit from PPI refund agreement
Consumers who have bought payment protection insurance (PPI) with a single premium will benefit from a series of measures relating to the fairness and transparency of refunds agreed between the Financial Services Authority and the PPI industry.
decorative picture of newspaper
UK economy up 2.8% despite record trade deficit
The UK economy grew slightly above trend in 2006. GDP grew by 0.7 per cent in the fourth quarter of 2006. For the year 2006 as a whole GDP rose by 2.8 per cent.
decorative picture of newspaper
Launch of Financial Inclusion strategy
Financial inclusion: the way forward sets out the Government's goals for financial inclusion policy. Building on the Economic Secretary's announcement before the Budget, that there will be a new Financial Inclusion Fund for the next spending period, which will maintain the current level of intensity of action to promote financial inclusion, the document also highlights progress being made with the Government's strategy.
decorative picture of newspaper
New EU rules to sanction maritime polluters
Starting in April, the 27 Member States of the European Union will display their common determination to tackle unlawful discharges at sea by giving full effect to legislation adopted in 2005 . Europe will at long last have a sufficiently dissuasive system of penalties to prevent and deal with maritime pollution more effectively. Illicit discharges at sea are, alas, still being made and preventing them is now more than ever a priority for Europe.
decorative picture of newspaper
Business investment records strong finish to 2006
Business investment for the fourth quarter of 2006 rose by 13.5 per cent compared to the same quarter of last year, with growth of 4.5 per cent over the previous quarter.
decorative picture of newspaper
The 2007 Budget
Gordon Brown's eleventh and presumably last Budget was considerably more interesting than some of his recent efforts. He was more relaxed in his manner and, although there were statistics aplenty, there were enough words wrapped around them to avoid the impression he was splaying them around with a machine gun. He even managed one good joke, mixed with a few backbench old favourites.
decorative picture of newspaper
Consumer credit jurisdiction industry levy
From 6 April 2007, the OFT is responsible for collecting the industry levy which will fund the Financial Ombudsman Service’s extended role in considering complaints about consumer credit products and services.
decorative picture of newspaper
Retail sales recover in February
Underlying growth in retail sales volume remained robust and close to the long-run average, as sales increased in February following a weak January, according to new figures from the Office for National Statistics.
decorative picture of newspaper
FSA publishes interim report on ICOB
Our insurance rules will be more risk-based and proportionate while continuing to meet our consumer protection objective.
decorative picture of newspaper
Inflation climbs to 2.8 per cent in February
Data from the ONS revealed that CPI annual inflation was 2.8 per cent in February, up from 2.7 per cent in January. This was the tenth consecutive month that inflation has remained above the Bank of England’s 2 per cent target.
decorative picture of newspaper
Government publishes Consumer Credit Advertisements Regulations Statutory Instrument
The Government has today (20 March) published a Statutory Instrument which amends the Consumer Credit (Advertisements) Regulations 2004 with a new definition of "the typical APR" and an amendment to regulation 8(2)(a) and (b). To view click here.
decorative picture of newspaper
New safeguards for householders in Bailiffs' Bill
New safeguards to protect householders in disputes over debts have been announced today (20 March) by Constitutional Affairs minister Vera Baird.
decorative picture of newspaper
OFT announces findings of review of credit advertising
A two year programme of work undertaken by the OFT in conjunction with its enforcement partners in Local Authority Trading Standards Services (TSS) has resulted in significant improvements in compliance of credit adverts with the Consumer Credit (Advertisements) Regulations (CCARs) and the Consumer Credit Act.
decorative picture of newspaper
'Fighting fraud together' - Government sets out comprehensive strategy to combat fraud
Steps to create a national fraud body and reporting centre, an increased role for the City of London Police, and further study of plea negotiations are among a package of anti-fraud measures unveiled by the Attorney General, Lord Goldsmith, today (15 March).
decorative picture of newspaper
Kuneva launches new Consumer Strategy and backs plans for collective redress
Commissioner Meglena Kuneva today (13 March) set out more than 20 legislative and non legislative initiatives to boost the retail side of the Single Market by 2013.
decorative picture of newspaper
FSA launches £2 million campaign to help consumers get a grip on insurance
The Financial Services Authority (FSA) has launched a £2m campaign, reaching across radio, newspapers and websites, to help consumers feel more capable and confident about buying insurance.
decorative picture of newspaper
New fees for consumer credit licences announced
Consumer credit licence fees will change with effect from 6 April 2007.
decorative picture of newspaper
ACPO publishes report on cost of fraud
Fraud is costing the UK economy a minimum of £13.9 billion a year, a specially commissioned report has revealed.
decorative picture of newspaper
Competition Commission publishes PPI inquiry timetable
The Competition Commission has published an administrative timetable for its inquiry into Payment Protection Insurance (PPI).
decorative picture of newspaper
Treasury Committee announces Competition in banking and the future of 'free' banking inquiry
The Treasury Committee is announcing today (6 March) that it intends to undertake an inquiry into Competition in banking and the future of ‘free’ banking, seven years after the publication of Don Cruickshank’s review of Competition in UK Banking on 20 March 2000.
decorative picture of newspaper
FSA tackles financial crime in the insurance industry
The Financial Services Authority (FSA) has set up a reporting system designed to reduce the level of financial crime in the insurance industry.
decorative picture of newspaper
Competition Commission: Northern Ireland personal banking investigation
The Competition Commission (CC) has today (6 March) published for consultation its proposed final remedies package designed to increase competition in the market for personal current account (PCA) banking services in Northern Ireland.
decorative picture of newspaper
EC Directive on Waste Electrical and Electronic Equipment (WEEE)
The Waste Electrical and Electronic Equipment Directive (WEEE Directive) aims to minimise the impact of electrical and electronic goods on the environment, by increasing re-use and recycling and reducing the amount of WEEE going to landfill. It seeks to achieve this by making producers responsible for financing the collection, treatment, and recovery of waste electrical equipment, and by obliging distributors to allow consumers to return their waste equipment free of charge.
decorative picture of newspaper
Margaret Hodge announces Companies Act Implementation timetable
The full implementation timetable for the Companies Act 2006 was announced today by Industry and Regions Minister Margaret Hodge. All of the Act will be in place by October 2008 with many elements implemented earlier.
decorative picture of newspaper
Launch of anti-money laundering and counter-terrorist finance strategy
Today (28 February), the Economic Secretary to the Treasury, Ed Balls, and Home Office Minister, Tony McNulty, launched the Government's strategy to combat money laundering and the financing of terrorism.
decorative picture of newspaper
Government announces progress on reform of enforcement agents
Vulnerable people who have fallen into debt will be better protected from unscrupulous bailiffs thanks to Government reforms.
decorative picture of newspaper
Government publishes reports on NHS Finance
The Secretary of State for Health, Patricia Hewitt, has today (20 February 2007) published the National Health Service financial report for the third quarter of 2006/07. This report shows that the NHS as a whole is forecasting a £13 million surplus for the year.
decorative picture of newspaper
OFT sets out proposals to ensure customers are treated fairly by banks
The OFT has submitted a range of recommendations to raise standards of fairness in the way British banks treat their personal and businesses customers.
decorative picture of newspaper
DfT failing five public service commitment targets
The Transport Select Committee has reported today (15 February) that the DfT is only meeting two of its public service agreement targets:road safety and rail punctuality.
decorative picture of newspaper
Commission proposes guidance on cross-border vehicle registration
The European Commission has today proposed a broad package of
decorative picture of newspaper
Consumers: Commission acts to boost confidence in digital world
A major new drive to fundamentally overhaul core EU consumer rules – including guarantees, refunds, cooling off periods - to adapt them to the challenges of a fast changing digital world has been launched today (8 February) with the adoption of a European Commission Green Paper reviewing the existing rules.
decorative picture of newspaper
Competition Commission invites evidence in PPI inquiry
Following the Office of Fair Trading's (OFT) decision to refer the market for the supply of payment protection insurance (PPI) in the UK to the Competition Commission (CC) for investigation, the CC is inviting evidence from all interested parties.
decorative picture of newspaper
Tougher penalties for misuse of personal data
For the first time courts will be able to jail people who trade in - or deliberately misuse - the personal data of others, in a move to crack down on the illegal trade in personal information announced by the Department for Constitutional Affairs today (7 February 2007).
decorative picture of newspaper
FLA announces new Director General
FLA (Finance & Leasing Association) today announced that Stephen Sklaroff will take over as its Director General, following Martin Hall's retirement in summer 2007 after 12 years at the helm. Stephen joins FLA on 21 May.
decorative picture of newspaper
OFT refers the PPI market to the Competition Commission
The OFT has referred the UK payment protection insurance (PPI) market to the Competition Commission (CC) for further investigation. This decision comes after a period of public consultation following the OFT's earlier proposal to refer the PPI market to the CC on 19 October 2006.
decorative picture of newspaper
Government announces roll out of projects tackling loan sharks
Today (25 January 2007) the Chancellor of the Exchequer, Gordon Brown, announced new funding to enable the national roll out of a scheme to tackle loan sharks, with a base in every region. Schemes tackling loan sharks have already been successfully piloted in the West Midlands and Scotland and work by improving support for people targeted by loan sharks and exposing and prosecuting the people illegally charging exorbitant rates of interest.
decorative picture of newspaper
HM Treasury publishes draft Money Laundering Regulations
The Treasury Minister, Ed Balls, has today (22 January) published draft money laundering regulations for consultation. The proposals aim to ensure that the UK's response to money laundering at home and abroad is effective and engages all key stakeholders.
decorative picture of newspaper
OFT warns IVA providers over misleading adverts
The OFT has warned 17 financial management businesses promoting Individual Voluntary Arrangements (IVAs) that it considers their adverts and websites potentially mislead consumers. This follows a compliance sweep undertaken by the OFT in November 2006 of 124 adverts in national newspapers and 57 websites promoting and marketing IVAs.
decorative picture of newspaper
Home Office publishes Serious Crime Bill
Proposals for strong new measures to crack down on serious crime were set out today as the Home Office published the Serious Crime Bill.
decorative picture of newspaper
Ed Balls launches new financial capability strategy
Today (15 January) Ed Balls, the Economic Secretary to the Treasury, launched the Government's long-term approach to financial capability, with James Purnell, Pensions Reform Minister, at the Anne Taylor Children's Centre in Hackney.
decorative picture of newspaper
OFT unfair relationships guidance
This guidance explains how the OFT expects to use its enforcement powers under Part 8 of the Enterprise Act 2002 in relation to the unfair relationships provisions introduced by the Consumer Credit Act 2006. It is intended principally as advice and information for businesses, their legal advisers or representatives, and for consumer organisations.
decorative picture of newspaper
FLA launches consultation on Consumer Guide to PPI
The Finance & Leasing Association (FLA) is seeking comments on a consumer guide it has drafted on payment protection insurance (PPI).
decorative picture of newspaper
FHBR - January 2007
The Finance House Base Rate (FHBR) for January 2007 remains at 5.5%.

View the Archive Section.

 
Campaigning for you 2008

FLA achievements in 2008

 
 
Finance House Base Rate

FHBR currently 1.5%

 
 
FLA Annual Review 2009

Latest progress on FLA’s work.

Download the Annual Review 2009