Statement from Caroline Walton, CFA President

Caroline Walton, CFA President, said today:

The short-term lending sector has changed radically over the last few years in areas such as regulation and lending culture.

It is time for a change in sector representation.

The directors of the BCCA and the Consumer Finance Association are therefore pleased to announce that we have agreed to join together to represent alternative lenders and allied services.

There will be significant benefits in bringing our members together.

Through this merger, we believe that we can better represent the entire sector, from new start-ups to the market leaders. Our members will provide lending online and on the high street. We will continue to develop our growing representation of credit brokers.

The two association teams already work in close cooperation representing the interests of short-term lenders. The Boards agreed that Jason Wassell, currently Chief Executive of the BCCA, should take over immediately as the leader of both organisations. He will become the Chief Executive of the new organisation once the merger takes place.

There is still more to be done before we reach a formal agreement, so we cannot say much more at this stage. We will provide more information as and when we can.