24 April 2020
Commenting on the Financial Conduct Authority’s confirmation of the approach to forbearance in the motor finance market, Adrian Dally, Head of Motor Finance at the Financial & Leasing Association, said:
“The approach is essentially what motor finance lenders have been providing to their customers since the beginning of the Coronavirus crisis.
“Every lender is aware of the need to help customers whose income has been disrupted, but for this level of forbearance to be sustained, the industry itself will need some help from Government.”
Note to editors:
- 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.
- For media enquiries, please contact the FLA press office on 020 7420 9656.