The decision was made at a meeting on the 28th April held by the FSA in conjunction with the Small Business Practitioner Panel and FSCS, where trade associations and credit providers were brought together to discuss the development of a market solution.
Representatives of the trade associations will be meeting with selected providers shortly to negotiate the terms on which finance might be provided.
Graeme Ashley-Fenn, Director of Contact, Revenue and Information Management at the FSA said: "We are delighted with the unanimous buy-in from the trade associations, and are very keen to implement a suitable solution. Subject to negotiations, we are confident that we have the basis for delivering a market solution in sufficient time to enable payment of our invoices which will be sent out from June onwards."
Background
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve our business capability and effectiveness.
