FLA showcases breadth of asset finance sector’s contribution at House of Commons event

Edward Simpson, FLA director of government affairs & stakeholder engagement (pictured), said: “At a time when budgets remain tight for many households, member firms demonstrated their value in enabling key workers to make affordable repayments towards a car to get them to work and to the general public to invest in cleaner energy sources in the home.”

FLA business finance members brought along clients who support the transition towards net zero, for example, a bed and mattress manufacturer whose production processes have been carbon neutral since 2019. Other business customers were in place to explain how they had pivoted their business to adapt to the pandemic. The FLA has published a number of case studies to coincide with the event. Introducing the publication at the event, FLA Chair, Rebecca McNeil argued the case for Consumer Credit Act reform, the need for government support to facilitate the rollout of finance to support the purchase of green assets, and stated that longer term, the government needed to consider enhanced support for the many independent lenders to avoid the disparity between what the banks received during Covid.

John Glen, the City Minister, heralded the role played by the industry to help distressed consumers and businesses navigate their finances and promised that the government would undertake a review of the regulatory framework to facilitate innovation and evolving consumer behaviour.

John Rees, head of the IAFN equipment finance community, who attended, said: “It was good to see a lot of people together again, and the event provided an excellent opportunity for the industry to network. There is no doubt that funding the UK’s green ambitions is a key issue for our sector and one where we can all make a real difference.”