FLA comments on Budget announcement about the transfer of CMC regulation to the FCA

Commenting on the announcement in today’s Budget that regulation of Claims Management Companies (CMC) will transfer from the Ministry of Justice to the Financial Conduct Authority (FCA), Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:

“After many years of campaigning for a more robust regulatory regime for Claims Management Companies, we welcome the Government’s decision to ask the FCA to apply such a regime so that CMC customers can be confident of fair treatment.”

Note to editors:

1. The Chancellor announced his Budget today, 16 March 2016.
2. The Finance & Leasing Association is the leading trade body for the asset, consumer and motor finance sectors in the UK, and the largest organisation of its kind in Europe.
3. 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.
4. In 2015, FLA members provided £110 billion of new finance to UK businesses and households. £81 billion of this was in the form of consumer credit representing almost a third of total new consumer credit written in the UK in 2015.