17 April 2020
Commenting on the FCA’s proposals on motor finance forbearance for customers facing payment difficulties due to coronavirus, Adrian Dally, Head of Motor Finance at the Finance & Leasing Association, said:
“The proposals announced by the Financial Conduct Authority broadly mirror the forbearance measures that motor finance lenders have been providing to their customers over recent weeks.
“During this unprecedented period, every lender has recognised that forbearance is a vital bridge for customers whose income has been disrupted, and the industry has committed significant resource, human and financial, to meeting requests for support.
“To enable this level of support to be maintained for customers, the industry will need some help from Government, and those discussions need to begin in earnest, with decisions reached rapidly.”
Notes 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.
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