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February 28, 2013updated 12 Apr 2017 4:03pm

FLA celebrates “breakthrough” year in asset finance

The UK's Finance & Leasing Association (FLA) celebrated a year of growth across all the industries it represents, including 5% year-on-year growth in asset finance in 2012, at its annual gala dinner in London.

By Grant Collinson

The UK’s Finance & Leasing Association (FLA) celebrated a year of growth across all the industries it represents, including 5% year-on-year growth in asset finance in 2012, at its annual gala dinner in London.

Addressing nearly 1,500 guests at the Grosvenor House Hotel, FLA chairman Philip Ross, confirmed FLA members had lend £21.4bn (€24.7bn) in asset finance in 2012 and now accounted for 28% of annual UK fixed capital investment.

Ross also reported growth in consumer and motor finance and said FLA members lent a total of £76bn to consumers and businesses. He said the annual growth and amount of lending showed "the economic importance of the FLA’s members."

Ross said the asset finance division had "made a breakthrough" with the inclusion of leasing in several government lending schemes which he described as "a significant shift in public policy."

He said the government had also asked the FLA to work with it to ensure the new Business Bank can support asset finance.

Ross added the launch of an asset finance qualification, in collaboration with the IFS school of finance, and the Small Business Directory with the National Association of Commercial Finance Brokers contributed to a success year for its asset finance team and its members.

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