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Over-regulation of credit market `could harm consumers`

06/07/2009

While responsible lending is important, over-regulation could harm consumers, an industry body has said.

According to the Finance and Leasing Association (FLA), the UK has one of the most robust statutory consumer credit protection regimes in the world.

The organisation also said it supports a number of recent measures to help people experiencing financial difficulties, such as "breathing space" for unsecured credit borrowers with debt problems - which allows them time to get the help they require.

In addition, the FLA said it supports the idea of working with the government to deal with companies which mislead people over the possibility of writing off their debts.

However, there is a risk, the association said, that a proliferation of regulatory reviews coupled with regulation which is already set to be implemented could cause the credit market to shrink further.

FLA head of consumer finance Fiona Hoyle said: "We already face a barrage of new regulation. There are now real risks for consumers who face reduced credit availability and higher prices."

The FLA is a trade association for the asset, consumer and motor finance sectors in the UK.

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