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FLA announces 11% growth in secured lending

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FLA announces 11% growth in secured lending

Consumer lending grew by 1 per cent in August 2012 compared with the same month in 2011, according to the latest figures from the Finance & Leasing Association (FLA), the trade body for the consumer credit industry.


Consumer lending by FLA members stood at over £4.2 billion in August, and accounted for around 30 per cent of the UK’s credit market over the previous twelve months.


The latest figures showed strong growth in the consumer new car finance and store instalment credit markets, up by 34 per cent (to £462 million) and 19 per cent (to £199 million) respectively.


Fiona Hoyle, Head of Consumer Finance at the FLA, said: "The growth in high street and motor credit shows how important responsibly provided retail credit is for consumers and for the economy. It is essential that the Government takes the time needed to get its proposed new regulatory regime for credit right. Rushing the new system will risk undermining economic growth.”


 

Table 1: New consumer credit lending August 2012

 

 

 

 

 

Aug 12

% change on prev. year

3 months to Aug 2012

% change on prev. year

12 months to Aug 2012

% change on prev. year

Total FLA consumer finance (£m)

4,231

+1

13,210

+4

54,180

+5

Store cards (£m)

105

-19

339

-15

1,573

-10

Credit cards & personal loans (£m)

2,695

-5

8,048

-2

32,829

0

Store instalment credit (£m)

199

+19

655

+23

2,649

+5

Second mortgages (£m)

31

+29

87

+12

313

+11

Car finance (£m)

1,085

+15

3,724

+18

15,498

+16




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