UK asset finance lenders which serve the country’s millions of small partnerships and sole traders are being our urged to work with the Finance & Leasing Association (FLA) to see how the new Financial Conduct Authority (FCA) will affect their businesses.

Small business lending currently covered by the Consumer Credit Act and the Office for Fair Trading regulatory regime will be transferred to the FCA from 1 April 2014 and the initial rulebook setting out the regulation was published for consultation on 3 October.

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Stephen Sklaroff, director general of the FLA, said: "The importance of last week’s publication is that this is the first time we have seen the detail of the new rulebook which is going to apply to all the customers, including those small business customers, who will be covered by the new regime."

Sklaroff said many of the FCA rules will be the same as the previous regime but the FLA will be working through all the rules to ensure there are no unexpected differences or "unintended problems" and communicating with its members across all its markets on the implications of the new rules.

He said the FLA will work with its members to discuss the FCA rules, including at two Working Group meetings on 14 October and 13 November and at its conference of 5 November at the British Library, before submitting a response to the FCA ahead of the 3 December consultation deadline.

Sklaroff also reminded members affected by the rule change to check they have the appropriate existing licences which they will need to apply for the interim permission licence to operate after 1 April.

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Lenders can apply for the interim permission licence now and applications made before 1 November will receive a rebate on the fee.