21 November 2013
Commenting on today’s publication of new rules for Claims Management Regulation (CMR) by the Ministry of Justice (MoJ), Stephen Sklaroff, Director General of the Finance & Leasing Association (FLA) said: “We welcome the Government’s recognition of the need for more stringent and effective regulation of Claims Management Companies in order to reduce the incidence of spurious and ill-founded claims.”
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 2012 FLA members provided £76.6 billion of new finance to UK businesses and households. £55.1 billion of this was in the form of consumer credit representing about 30% of all unsecured lending in the UK.