The Finance & Leasing Association (FLA) has published its 2024 Manifesto which sets out not only the significant contribution made to the economy by FLA members, but how this could be increased by better regulation, improved access to finance and the removal of barriers so that green investment becomes the logical choice for businesses and consumers.
According to the FLA, modern markets require modern regulation, but the Consumer Credit Act (CCA) has been on the statute book since 1970s and is now an impediment to business and inefficient for consumers.
Having persuaded the Treasury of the need to reform the CCA, the FLA hopes this will remain a priority in the next Parliament.
For the FLA, access to finance is as much about the diversity of lenders as it is about financial inclusion, because healthy markets create choice and foster competition.
However, when too many consumers are denied access to the market because of overly strict affordability criteria, and lenders exit because the regulatory burden no longer makes financial sense, there is no benefit to anyone.
While Net Zero is currently off the political agenda in favour of more vote-winning issues, the fact remains that the 2050 commitment is legally binding.
The FLA’s Manifesto pulled together practical measures to boost the green transition – including the need for a taxonomy of green assets so that businesses can invest with confidence.
Stephen Haddrill, director general, said: “Our recommendations on regulation, access to finance and Net Zero would improve the business environment for members, restore the ability of more people to manage and smooth their finances, and position green investment as the feasible choice – logical in terms of the need to transition, and affordable.”
