FLA updates its lending code

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FLA updates its lending code

The Finance & Leasing Association (FLA) has announced an update to its Lending Code as a result of the recent introduction of new statutory regulations.

Following the publication of the new Consumer Credit Directive and the latest Office of Fair Trading guidance, the FLA has stated published new guidelines for its members.

These changes include a restriction on the number of times a short-term loan can be extended to a maximum of three, as well as a requirement on lenders to ensure customers are aware of the total cost of a short-term loan - including fees and charges - before they apply.

Fiona Hoyle, head of consumer finance at the FLA, said: "The FLA Lending Code has been providing additional protection for credit customers for over 20 years. The new measures ... reinforce the commitment of all FLA members to responsible lending."

The news follows a recent announcement by the British Bankers' Association (BBA) in support of the new Financial Service Bill.

BBA chief executive Angela Knight said the bill will deliver an effective, supportive and proportional framework for the regulation of UK financial services.

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