31 July 2017
Commenting on the Financial Conduct Authority’s (FCA) suite of publications covering consumer credit, Stephen Sklaroff, Director General of the Finance & Leasing Association (FLA), said:
“The FLA’s members work hard to ensure they lend responsibly and treat their customers fairly. We note that the FCA has found that most firms address affordability in an appropriate way.
“We look forward to working closely with the FCA on affordability assessments in the consumer credit markets, and as it carries forward its exploratory work to develop its understanding of the motor finance markets.
“We welcome the FCA’s focus on vulnerable customers, and we have recently published our own new guidance for the lending industry on how best to identify and support such customers.”
Note to editors:
- The FCA outlined its priorities for consumer credit on 31 July 2017.
- Vulnerability: a guide for debt collection and Vulnerability: a guide for lending were financed by the FLA and the UK Cards Association.
- FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
- In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2016.
- For media queries, please contact the FLA press office on 020 7420 9656.