28 February 2014
Commenting on the new consumer credit rules announced today by the Financial Conduct Authority (FCA), Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association (FLA), said: “It is obvious that the FCA has listened to a number of FLA concerns and injected a much needed degree of proportionality into their final rules to reflect the diversity of customers and products in the credit market.
“However, today’s package of almost 700 pages will take some time to analyse before the shape of the regime can be fully judged. “For the 50,000 firms which have only a month to ready themselves for the new regime, this will be a daunting time.”
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 short-term credit lenders, and instalment credit providers.
- In 2013 FLA members provided £84.7 billion of new finance to UK businesses and households. £62.3 billion of this was in the form of consumer credit representing more than 30% of all unsecured lending in the UK.