Commenting on the Court of Appeal decision on motor finance cases, Stephen Haddrill, Director General of the FLA, said:
“This is a significant and unexpected judgment, the implications of which stretch far beyond the motor finance sector, making it an issue that demands the immediate attention of the Financial Conduct Authority.”
Notes to Editors
- In 2023, members of the Finance & Leasing Association provided £151 billion of new finance to UK businesses, households and the public sector.
- 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.
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