Commenting on the Financial Conduct Authority’s (FCA) suite of publications covering consumer credit, Stephen Sklaroff, Director General of the Finance & Leasing Association (FLA), said:
“The FLA’s members work hard to ensure they lend responsibly and treat their customers fairly. We note that the FCA has found that most firms address affordability in an appropriate way.
“We look forward to working closely with the FCA on affordability assessments in the consumer credit markets, and as it carries forward its exploratory work to develop its understanding of the motor finance markets.
“We welcome the FCA’s focus on vulnerable customers, and we have recently published our own new guidance for the lending industry on how best to identify and support such customers.”