Head of Lombard Ian Isaac has been appointed chairman of the asset finance division for the Finance & Leasing Association (FLA), the trade body for the asset, consumer and motor finance sectors in the UK.

Commenting on the role, Isaac said: "I’m honoured to be appointed as the Chairman of the FLA’s Asset Finance Division. The leasing sector has played a fundamental role in supporting the UK’s economic growth, providing nearly £30bn of funding to businesses in 2015 according to FLA figures, more than half of which was loaned to SMEs. It is becoming more widely appreciated that asset finance has an important role to play in funding the new equipment and technology which drives business growth, and also UK competitiveness in the global marketplace.

"However when it comes to narrowing the funding gap, especially for young and growing businesses, we know there is need for greater education of the benefits offered by asset finance. In my new role as Chairman of the FLA’s Asset Finance Division, I intend to focus on promoting what we can offer businesses as a whole, and demonstrating how we can help firms who want to succeed, whether at home or in the wider global marketplace."

Isaac has replaced outgoing chairman Gordon Ferguson, director and head of HP & Leasing at Lloyds Bank Commercial Finance.