FLA publishes briefing on OFT guidance for credit brokers and intermediaries
A supplementary briefing designed to help lenders and their associates implement the Office of Fair Trading's (OFT) Guidance for Credit Brokers and Intermediaries has been published today by the Finance & Leasing Association (FLA).
The briefing – which is designed for lenders who use intermediaries such as motor dealers, high street retailers and credit brokers – aims to assist companies in complying with the OFT's Guidance on issues like transparency in credit advertising and disclosing the presence of commission.
The FLA has consulted finance companies, the OFT, and the National Franchised Dealers' Association (NFDA), in developing the briefing.
Paul Harrison, Head of Motor Finance at the FLA, said: “The OFT's Guidance sets out its expectations of intermediaries, including motor dealerships, when they offer credit to borrowers and so it is essential reading for all credit brokers and intermediaries. We have developed this supplementary and non-binding FLA briefing to help lenders work with their business associates to ensure compliance.”
(Source: FLA – Finance & Leasing Association)
Note to editors:
- In 2011 FLA members provided £72.9 billion of new finance to UK businesses and households. £52.1 billion of this was in the form of consumer credit, a third of all unsecured lending in the UK. And £19.9 billion of it supported the purchase of new and used cars, including more than 60% of private new car registrations.
For further media information, please contact:
Helen Saxon, FLA
T: 020 7420 9664 E: firstname.lastname@example.org M: 07918 766 993