April sees further growth in consumer finance

6 June 2014

Figures released today by the Finance & Leasing Association (FLA) show that new business grew by 7% in April 2014, compared with the same month last year. Credit card finance and personal loans grew by 3% in the same period, as did retail store and online credit. The second charge mortgage market in April reported the value of new business up by 21%, although the number of new contracts fell slightly, by 2% compared with the same month in 2013.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “Growth rates in April across the main consumer finance sectors were more modest than in recent months.  Nevertheless, FLA members’ share of the UK consumer credit market increased to 33.5% in the twelve months to April, up from 33.4% in March.

“April 2014 also saw a big change to the way in which consumer credit is regulated in the UK, with the introduction of the Financial Conduct Authority’s (FCA) new supervisory regime.”

Table 1: New consumer credit lending


Apr. 14

% change on prev. year

3 months to Apr. 2014

% change on prev. year

12 months to Apr.  2014

% change on prev. year

Total FLA consumer finance (£m)







Data extracts:            
Retail store and online credit (£m)







Credit cards & personal loans (£m)







Second mortgages (£m)







Car finance (£m)







  Note to editors:

  1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and short-term credit lenders, and instalment credit providers. 2.     In 2013 FLA members provided £88.9 billion of new finance to UK businesses and households. £66.5 billion of this was in the form of consumer credit representing almost a third of all unsecured lending in the UK.

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