New figures released today by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided £113 billion of new business in 2020 to help support business investment and households make essential purchases during the pandemic. Of this total, £37 billion was provided by non-bank lenders and £16 billion went to SMEs.
Stephen Haddrill, Director General at the FLA, said: “Our latest figures show the great support that FLA members gave to their customers and the economy in 2020, including to SMEs. Member companies will build on this during 2021, contributing to a full recovery of the UK economy.
“To ensure that FLA members achieve this they need a balanced approach to forbearance from the FCA this year with a focus on tailored support; independent finance companies need to be supported; and clarity and stability on policies for net zero are required, including recognition of support for technology risk.”