24 March 2015
The FLA’s Manifesto urges politicians of all parties to:
• Help UK businesses to grow by making a long-term commitment to the future of the British Business Bank, including creating a comprehensive on-line directory of business finance providers, extending the Regional Growth Fund, and expanding the Enterprise Finance Guarantee to cover leasing and hire purchase;
• Promote competition and choice for consumers and businesses by allowing the new system of credit regulation to bed down, encouraging competition, and ensuring a proportionate approach to the regulation of lending to small businesses;
• Ensure personal data is handled responsibly in the credit markets, including by making sure new EU data protection regulations do not make it more difficult to lend responsibly;
• Maintain and improve essential public services by increasing the use of leasing and hire purchase in the public sector;
• Keep pace with the digital world by ensuring EU and UK regulation takes proper account of technological developments
Stephen Sklaroff, Director General of the FLA, said:
“Last year, our members provided almost £100 billion of finance to businesses and consumers, despite the challenges of introducing a new regulatory system. In 2015, they want to help even more businesses to get the equipment they need to grow and even more families to afford the everyday household items they need.
“It’s imperative that the new Government creates the right conditions for FLA members to continue to serve their customers well and support economic growth. Our Manifesto sets out some practical ways in which they can do this, and we hope politicians of all parties will support our proposals.”
Notes to Editors
1. FLA’s Manifesto 2015
2. The Finance & Leasing Association is the leading trade body for the asset, consumer and motor finance sectors in the UK, and the largest organisation of its kind in Europe.
3. Our members include banks, subsidiaries of banks and building societies, the finance arms of leading retailers and manufacturing companies, and a range of independent firms.
4. In 2014, our members provided £99.5 billion of new finance. £74.1 billion of this was in the form of consumer credit to support purchases ranging from cars to household goods and £25.4 billion was provided to businesses and the public sector, representing almost 27% of UK investment in machinery, equipment and purchased software in the UK last year.