The Finance & Leasing Association (FLA) has appointed Helen Lumb to its board, according to a recent press release. The organisation also bids farewell to board members, Carol Roberts and Bill Dost, who served seven and nine-year terms, respectively.
Lumb works at Shire Leasing, joining the company as finance director in 2014 and later taking up the role of chief financial officer in 2018. Lumb has previously served as a partner of Jenson Solutions Ltd, a financial solutions company.
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Director General of the FLA, Stephen Haddrill commented: “I am very pleased indeed that Helen has joined the Board. Her expertise and sector perspectives will be much valued as the industry works together to meet the needs of customers facing uncertain economic conditions.”
Regarding her appointment, Lumb noted the challenges facing the asset finance industry: “I am looking forward to joining the FLA Board and making a contribution towards representing our sector’s interests, in particular the opportunities and challenges that our asset finance industry is currently facing.”
Cost-of-living crisis is fueling fraud
One of the most pressing challenges facing the asset finance sector in 2023 remains exceptionally high levels of banking fraud.
In November 2022, Cifas, the not-for-profit fraud prevention services, reported the cost-of-living crisis is exacerbating levels of bank fraud. Lobby group UK Finance reported the cost of bank fraud to UK consumers at around £610m in 2022.
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By GlobalDataKaty Worobec, UK Finance’s managing director of economic crime, suggests that increasing levels of bank fraud in the UK should be “considered a national security threat.”
Asset finance recovering post-Covid
In January 2023, the FLA reported that total asset finance new business grew by 12% in November 2022 compared to the same month in 2021. Commercial vehicle finance reported new business up by 10% in November 2022 when compared with November 2021, and the business car finance sector, likewise, reported a 35% increase in new business in the same period.
Director of research and chief economist at the FLA, Geraldine Kilkelly commented, “November saw the asset finance market report its seventh consecutive month of growth as the market continues to recover to more normal pre-Covid levels of new business.”
UK interest rates for SME lending up almost sixfold from pandemic low
