Commenting on the FCA’s consultation paper on new rules for second charge mortgages, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association (FLA), said:
“The timetable for implementing all the new rules for second charge lending is extremely challenging and greater flexibility will be needed to avoid significantly disrupting the market.”
For media enquiries, contact the FLA press office on 020 7420 9664
Note to editors:
- 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 2013 FLA members provided £89.0 billion of new finance to UK businesses and households. £66.6 billion of this was in the form of consumer credit representing almost a third of all unsecured lending in the UK.