1 August 2023
The UK has a uniquely diverse credit market. Asset finance, hire purchase, leasing and second charge mortgages are all a key part of this funding mix. Small independent non-bank providers also play a particularly important role in the lending market, especially where they provide funding to small and medium-sized enterprises (SMEs) or provide credit to underserved groups including non-prime customers.
By embracing flexibility, agility, and a willingness to provide funding to underserved customer groups, the UK’s diverse credit market supports economic growth, fosters entrepreneurialism, and bolsters financial inclusion.
In this document, we call on the Government to introduce three new policies to support the UK’s diverse credit market and help them in turn support the customers that rely on their services.
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