FLA welcomes FCA’s plans to improve authorisation process

Commenting on the five commitments published today by the Financial Conduct Authority (FCA) to improve the authorisation process for consumer credit firms, Stephen Sklaroff, Director General of the FLA, said:

“We have been discussing with the FCA our members’ concerns over aspects of the authorisation process, and we welcome today’s announcement by the FCA of a set of commitments designed to improve the process and ensure better communication with applicants.”

Note to editors:

1. The FCA published its five commitments to firms during the authorisation process on 22 July.
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. In 2015, FLA members provided £110 billion of new finance to UK businesses and households. £81 billion of this was in the form of consumer credit representing almost a third of total new consumer credit written in the UK in 2015.