FLA response to FCA commission announcement

In response to the Financial Conduct Authority announcement of a 37 week pause on the handling of discretionary commission complaints in the motor finance sector, Stephen Haddrill, Director General of the Finance & Leasing Association said: 

“We welcome today’s announcement as the pause will ultimately provide certainty for firms and customers after a period where speculative and unfounded complaints issued by Claims Management Companies have congested what should be a smooth, prompt and clear process. 

“We will work with the FCA over the coming months to resolve this issue.”

Notes to Editors 

1. In 2022, members of the Finance & Leasing Association provided £148 billion of new finance to UK businesses, households and the public sector.  
2. Of this total, £55 billion was provided by non-bank lenders. £34 billion was provided in the form of asset finance to businesses - £22 billion of which went to SMEs to fund new equipment, plant and machinery, or purchased software. £115 billion was provided in the form of consumer credit, which includes £50 billion of motor finance supporting the purchase of 84% of all private new car registrations.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.