April sees further growth in consumer finance

Robyn Hall

June 9, 2014

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.

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.”

Sign up to our daily email