Press Release

FLA WELCOMES BORROWING REPORT

5 December 2007

Welcoming the Personal Finance Research Centre (PFRC) report into borrowing over the life-cycle launched today, FLA Director General, Stephen Sklaroff, said:

“The FLA endorses the PFRC’s findings. The availability of credit and high standards of responsible lending are crucial elements of a modern economy. But responsible lending needs to be matched by responsible borrowing, which is why the FLA supports the report’s recommendations of more and better-coordinated action on financial education. The focus should be on prevention: a well-informed consumer is an empowered consumer.”