The FLA has renewed its call to the Government and the Bank of England to take urgent action to support the non-bank lending market.
New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided just over £138 billion of new business in the twelve months to March 2020. Of this total, £44 billion was provided by non-bank lenders.
Stephen Haddrill, Director General at the FLA, said:
“The asset, consumer and motor finance markets have been hit hard by the measures taken to deal with the coronavirus crisis, with a 20% fall in new business in March alone. FLA members have also faced almost 1.2 million Covid-19 related requests for forbearance, of which 75% have already been granted. The industry is committed to supporting their customers during these exceptional times.
“Urgent action is needed - in days, not weeks - to deliver financial support to the non-bank lending sector to ensure that we maintain a financial services sector that is diverse, innovative and competitive.”