Stephen Sklaroff, director general of the Finance & Leasing Association (FLA) has warned the asset finance industry in the UK should be paying attention to the proposals regarding the transfer of regulation to the Financial Conduct Authority (FCA).
The FCA will subsume much of regulatory power of the Financial Services Authority and Office of Fair Trading, both of which will cease to exist, as of April 2014.
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Although this represents a larger concern for consumer credit and, therefore, those in retail finance, Sklaroff told Leasing Life "anybody involved in the credit market in any capacity should be reading these documents," particular asset finance intermediaries.
"In terms of which businesses will be covered by the scheme, the Government is intending the boundary [between business and consumer credit] to remain where it is but they’ve completely changed the way it’s written into the legislation.
"The business finance broker market will have to look at the way that this is defined."
richard.brown@timetric.com
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