Press Release
SELF-REGULATION WORKS BEST, SAYS FLA
10 July 2007
The Finance & Leasing Association (FLA) reacted with disappointment to the Conservative Social Justice Policy Group's proposal to move away from robust self-regulation in the credit market.
The Social Justice Policy Group’s report raises a number of very important issues and makes some sensible proposals. But to jettison flexible and responsive self-regulation in favour of rigid and slow-moving statutory regulation will simply raise costs and increase financial exclusion. It would also run directly counter to the modern trend towards principles-based regulation.
Stephen Sklaroff, FLA Director General designate, said:
“Some of the Group's proposals are welcome but to suggest a move away from modern best regulatory practice is disappointing. We hope that the Conservative Party will agree that flexible, principles-based self-regulation - for example FLA's robust Lending Code – is the best way to maintain a high-quality and responsible service to our customers."
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