The Finance & Leasing Association (FLA) has recruited Adrian Dally to act as its head of motor finance. Dally has taken over from Paul Harrison, who left the FLA at the end of 2014, after eight years on the job. Motor Finance caught up with Dally on his new role:
Could you tell me a bit about your background?
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I spent 18 years working in Whitehall and Brussels, and then nine years at the Financial Ombudsman Service (FOS). In the civil service my roles ranged from working with ministers and negotiating in Brussels to regulating various industry sectors. At the FOS, I was head of policy – which including working with the FLA.
How do you think your previous jobs have prepared you for this role? What challenges do you think the new role will provide you with?
Perhaps the biggest challenge in the motor finance sector at the moment is regulatory – making sure that firms are ready for FCA authorisation. Maintaining my contacts at the FCA, in Whitehall and Brussels will be important in this role – as well as keeping in touch with my old colleagues at the FOS.
Given your background in the FOS, what message do you have for those in the industry with regards to the ombudsman?
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By GlobalDataFirst, only a very small percentage of FOS’s caseload is about motor finance – which is good news! Second, if you have a case at the FOS, do try to engage fully with the FOS right from the start. And finally, if you’re an FLA member, please tell us if you think you’re being treated unfairly or in a way which is out of line with good industry practice.
Coming into motor finance, what do you know about the industry and what are your opinions of it?
Well, first of all, I’m an avid motorist with a penchant for epic international road trips! I am also – from last year – a PCP customer. I’m glad to say that the dealer concerned was approved under the FLA’s SAF scheme, and explained things very clearly. I drove away with a better car than I had originally expected to be able to afford. As someone with a policy background, I was left with the impression that the market was working well for all participants. Part of my job now is to help it stay that way.
When you were hired, what job description were you given? Were there any specific themes or tasks you were told would require a lot of your time?
I was given a job description describing the huge range of ways in which the FLA supports its motor members, and the main policy priorities currently facing the industry, including the new regulatory system. I was also, of course, conscious that my predecessor Paul Harrison would be a really hard act to follow! I hope to build on his excellent legacy.
What are your thoughts/understanding of the FCA?
While I was at the FOS, the FCA (and its predecessor, the FSA) was my closest external partner – and it changed a great deal during those nine years. The new FCA is still to some extent finding its feet, including its new powers and consumer focus, and it’s part of our job at the FLA to help them support a successful motor finance sector.
Are there any other ‘big’ topics you’re aware of?
Aside from the heavy lifting involved in influencing, and adapting to, the new FCA regime for credit, we are conscious that other challenges lurk over the horizon too – such as EU-level regulation both of conduct of business and capital adequacy, the impact of rapid technological change and changing consumer behaviour on the motor finance markets, and – as we approach a General Election – the ever-present risks (and opportunities) of political change. It’s our job at the FLA to monitor all those moving parts.
What are you initial plans in your new role?
People! It’s very striking how well-engaged the FLA team is with our members – and my top priority is to keep it that way. I’ll be driving round the country to meet as many members as I can to understand what their priorities are.
Do you want to give the readers of Motor Finance a summary of your initial feelings about your new job?
I’m loving it, and very proud to be here. The FLA is hugely respected and punches well above its weight in Whitehall and Brussels – long may that continue.
