FLA plans to ensure economic recovery is sustained

As the motor finance industry begins to show signs of recovery, the Finance & Leasing Association (FLA) has published details of its planned activities to help lenders prepare for the challenges of 2010 and ensure the economic recovery is sustained.

First up, in April, the FLA will assess the UK used car market. Industry experts will share their views on hot topics such as used car values and demand for specific vehicle segments. This interactive forum will help lenders boost their prospects for effective vehicle distribution and remarketing.

Top of the regulatory agenda for lenders this year is the implementation of the Consumer Credit Directive. The FLA will be helping finance providers to prepare for the controversial new regulations. In the spring the Association will be running a series of workshops, including an insight into what the regulations will mean for motor lenders.

In 2009 the FLA continued to sponsored the Association of Chief Police Officers Vehicle Crime Intelligence Service (AVCIS). This partnership has so far resulted in the recovery of almost 600 illegally obtained vehicles worth around £9 million. To help guide the FLA’s work with the police and the Government in tackling fraud and risk, the Association will be holding a full-day conference on Automotive Financial Crime. The event will identify current and emerging trends in vehicle finance crime as well as the latest strategies used by criminals to obtain vehicles from lenders. The event will be important in helping lenders to devise measures to prevent and detect stolen and fraudulently-obtained vehicles. Identification fraud will also be discussed in detail and contributors will include Government agencies and law enforcement authorities.

Finally, the FLA will host the 7th Annual Motor Finance Convention – the leading networking event for motor finance providers – on 10 November. The Convention will deliver a comprehensive round-up of the big issues that impact the UK motor market and wider economy.

Paul Harrison, head of motor finance at the FLA, said:

“2009 was a tough year for many motor finance companies, and 2010 promises to be equally challenging with a change of Government and the Consumer Credit Directive just around the corner. At the FLA we can’t deliver customers for our members, but we can help them prepare for future changes and adapt in a fiercely competitive marketplace. We recognise the value of sharing best practice and learning from the experience of others. That is why we have developed a programme of events that adds value to all areas of the motor finance sector. We are coupling this with renewed efforts to lobby the Government and the regulators for fair and proportionate regulation.”

See also:

• Nearly two-thirds of new cars bought on finance as consumers warm to leasing
  May 17, 2012
• Car finance enjoys new year popularity
  March 12, 2012
• Tiny slip for dealer finance amongst businesses in 2011
  February 14, 2012
• Rising popularity for dealer-provided motor finance in 2011
  January 12, 2012
• Fewer but more expensive cars financed in July 2010
  September 13, 2010
• FLA offer free training on Consumer Credit Directive requirements
  August 26, 2010
• Greenhous enter SAF Approved ranks
  July 23, 2010
• Beware! Thousands of car buyers risk committing finance fraud
  May 24, 2010
• Industry and Police partnership to beat car fraud
  May 17, 2010
• JCT600 awarded SAF Approved Status
  October 30, 2009

1 Comment

The last time they “planned” the economy they got subprime, now they’re better “ARMed”??? Of Mortgage Brokers, ARMs, Attrition and Marathons And by what measure? How GDP betrays the Economy

CrisisMaven
January 29, 2010, 12:37 pm.