Press Release

FLA LOOKS TO THE FUTURE; CHAIRMAN ADDRESSES ANNUAL DINNER

28 February 2007

Shortly before he stands down as FLA (Finance & Leasing Association) Chairman, Sam Geneen used the association’s annual dinner in London last night (Tuesday 27 February) to set out the key challenges that lay ahead for members.

Speaking to a 1,400-strong audience at Mr Geneen particularly welcomed the FSA’s move to principles based regulation and away from detailed rules, lending his support for senior management to be held accountable for a business’ behaviour.  He cited the emphasis on greater self regulation in the form of “industry guidance” as a further positive regulatory development. However he raised concern that two different regulatory bodies, the FSA and the OFT were:

“taking different approaches to what is essentially the same task i.e. the policing of industry guidance and codes.”

On the motor front he believed that the focus was to maintain members share of dealer finance and praised FLA’s links with the police to combat vehicle fraud.

High on the asset finance agenda were FLA input into the lease accounting project and legislation on the winding up of Foundation Hospital Trusts.

Mr Geneen welcomed Stephen Sklaroff, recently appointed as FLA’s next Director General. He complimented Martin Hall, retiring in the summer after twelve years heading up the FLA, on creating an organisation in which:

“We fight above our weight, and are quick on our feet.”

The audience were entertained by The Rt Hon Charles Kennedy MP, and Marcus Brigstocke.