The latest figures released by the Finance & Leasing Association (FLA) show growth of 9% in consumer finance new business in 2016. New business in December grew by 2% compared with the same month in 2015.
Credit card and personal loan new business together grew by 8% in 2016, while retail store and online credit new business was up by 2% over the same period. Second charge mortgage new business grew 4% by value, while volumes fell by 6%.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The growth in new business across all of the main consumer finance products in 2016 reflected growth in household expenditure, the key driver of the UK economy last year.
“Despite significant challenges faced by the second charge mortgage market in 2016 as it adjusted to the Financial Conduct Authority’s MCOB regime, new business volumes were only modestly lower than in 2015.”Excel consumer finance summary
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