Press Release
FLA RESPONDS TO THORESEN REPORT ON GENERIC FINANCIAL ADVICE
3 March 2008
Responding to this morning's publication by Otto Thoresen of his final report on a new national money guidance service, Stephen Sklaroff, Director General of the Finance and Leasing Association said:
"Responsible lending needs to be matched by responsible borrowing, so we support the basic aim of Otto Thoresen's proposals, to improve the general level of financial understanding. As his report recognises, however, there are many practical issues to be resolved - not least around governance and funding - and it is therefore sensible that the Government has decided to run a pilot before launching the proposed new service. The FLA will continue to work closely with the Treasury and the FSA to ensure that the interests of the credit industry and its customers are taken fully into account."
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