Stephen Sklaroff, the director general of the Finance & Leasing Association (FLA), has chosen to leave the organisation later this year, after 12 years in the post.

He said: “It has been a privilege and a pleasure to work with the FLA’s members over the past 12 years as they have demonstrated their vital role in the UK economy, and commitment to high standards of customer service, during a time of huge change in the political, economic and regulatory landscape.

“I look forward to continuing to support them in the coming months, and in due course to ensuring a smooth hand-over to my eventual successor.”

Richard Jones, managing director of Black Horse Finance and chairman of the FLA, said: “Stephen has led the FLA through a time of unprecedented change, and through that period the FLA has become a larger, stronger and more influential voice for its members and their customers.

“On behalf of the board, our members and associates, I would like to thank Stephen for his leadership, passion and dedication over the last 12 years. His presence will be missed by all of us.”