FLA comments on new rules for Claims Management Regulation

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:

1. 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.
2. 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.