Welcome to this round up of September’s financial leasing news stories. Our goal is to give you an insight into any industry developments or stories that have caught our eye.
New Leasing Standard is on Its Way
The International Standards Board (IASB) and the Financial Accounting Standards Board (FIASB), have announced that the final “Leases Standard” will be set before the end of this year.
Although the exact changes are not final, the tentative decisions give a clear indication of what the new leases standard impact may be, and businesses in the industry need to start planning ahead with these changes in mind.
For full information on the impact see our blog on the leases standard impact
US Leasing Volume Down in August
The Equipment Leasing and Finance Association (ELFA) has estimated that the leasing new business volume was down 7% in August when compared with the same month last year.
ELFA president and chief executive officer William Sutton responded;
“As the summer winds down, the equipment finance sector appears to be performing well. Despite the slight decline in August’s year-over-year volume, new business activity is up on a cumulative year-to-date basis. Loans and leases in respondents’ portfolios are performing well, with credit losses remaining in very acceptable ranges. With the Fed poised to increase short-term interest rates for the first time in nine years, we will be watching very carefully any impact — perceived or real — on the overall U.S. economy and our sector in particular. Most economic indicators continue to trend positively, contributing to our belief that these factors will help foster a favorable climate for continued investment by American businesses in capital equipment.”
See the full Leasing Life article here
FCA Appoints New Chief Operating Officer
On the 22nd of September Georgina Phillippou was appointed as the COO of the Financial Conduct Authority (FCA). This completes the filling of vacant executive positions following a review in 2014.
Speaking about the new COO, Tracey McDermott, Acting Chief Executive of the Financial Conduct Authority, commented:
“Georgina brings a wealth of regulatory experience here and overseas that’s invaluable in ensuring that the FCA is able to operate effectively across all its priorities and objectives. As the demands on the organisation increase, it’s imperative that we prioritise effectively and use our resources in the most efficient manner. Georgina’s extensive experience and wide knowledge of the approaches of international regulators means she is well placed to know what we need to be able to perform and deliver value for money at the level expected by ourselves and by the industry.”
See the full FCA announcement here