The Finance and Leasing Association (FLA) has appointed Stephen Hadrill as its new director general.
Hadrill has had an extensive Whitehall career, and also held numerous senior industry positions, including chief executive officer of the Financial Reporting Council and director general of the Association of British Insurers.
He was selected for the position of director general by the FLA’s chairman Richard Jones and board.
Jones, who is also managing director of Motor Finance & Leasing at Lloyds Banking Group, said: “Stephen has worked at the very highest level across a number of different industries. His breadth of experience is exceptional, and I look forward to working with him as he leads the FLA on its next chapter, supporting its members by progressing and championing the long-term prosperity of our markets and the customers that we serve.”
Hadrill added: “I am delighted to be joining the FLA and to have the chance to play a leading role in helping a key sector to underpin business investment and meet the expectations of retail customers in a fast moving economic and technological environment.”
Fiona Hoyle, head of consumer and mortgage finance at the FLA, will continue as interim director general until Hadrill takes up his new post on December 1.
Market data published by the organisation showed that new business volumes in the point of sale (POS) consumer new car finance market fell by 2% in August (to 49,762 vehicles) year-on-year.