FLA comments on the FCA’s response to the FSB's super complaint on personal guarantees

Commenting on the Financial Conduct Authority’s (FCA) response to the Federation of Small Businesses’ super complaint about personal guarantees, Simon Goldie, FLA Director of Business Finance said: 

“We welcome the FCA’s measured approach as they seek more information on the operation of personal guarantees in the market. We will work closely with them to ensure that the context of these guarantees is understood, not least the fact that our latest research suggested an enforcement rate of only 2% in 2023.”

Notes to Editors 

1. In 2023, members of the Finance & Leasing Association provided £151 billion of new finance to UK businesses, households and the public sector. 
2. Of this total, £63 billion was provided by non-bank lenders. £38 billion was provided in the form of asset finance to businesses - £23 billion of which went to SMEs to fund new equipment, plant and machinery, or purchased software. £113 billion was provided in the form of consumer credit, which includes £52 billion of motor finance.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.