Finance & Leasing Association10 April 2015
Figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 7% in the twelve months to February 2015.
Retail store and online credit grew by 6% in the same period and second charge mortgage new business by 24%.
Commenting, Fiona Hoyle, Head of Consumer Finance at the FLA, said:
“It’s important that the new Government creates the right conditions for FLA members to continue to serve their customers and support economic growth. Above all, that will mean a period of stability after the implementation last year of a new system of credit regulation.”
Table 1: New consumer credit lending
| Feb 2015 |
% change on prev. year |
3 months to Feb 2015 |
% change on prev. year |
12 months to Feb 2015 |
% change on prev. year |
|
| Total FLA consumer finance (£m) |
5,215 |
+2 |
17,333 |
+3 |
74,140 |
+7 |
|
|
||||||
| Data extracts: |
||||||
| Retail store and online credit (£m) |
465 |
+4 |
1,699 |
+3 |
6,391 |
+6 |
| Credit cards & personal loans (£m) |
2,882 |
0 |
9,740 |
0 |
38,591 |
+1 |
| Second charge mortgages (£m) |
54 |
+17 |
153 |
+19 |
611 |
+24 |
| Car finance (£m) |
1,566 |
+7 |
5,002 |
+9 |
24,920 |
+16 |
Note to editors:
- 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 instalment credit providers.
- In 2014 FLA members provided £99.5 billion of new finance to UK businesses and households. £74.1 billion of this was in the form of consumer credit representing over a third of all unsecured lending in the UK.
