December 2015 saw an 8% growth in consumer finance new business compared with the same month in the previous year, and growth of 8% in 2015 overall, according to latest data from the Finance & Leasing Association (FLA).
The second charge mortgage market reported new business up 43% by value and 19% by volume in December, and growth of 34% by value and 9% by volume in 2015 overall.
Credit card and personal loan new business grew by 5% in December and by 4% in 2015 as a whole.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The growth in consumer finance new business in 2015 was in line with expectations. It reflects continued consumer confidence and the ability of member firms to provide credit responsibly, while adapting to the rapid pace of regulatory change following the introduction of the Financial Conduct Authority’s new consumer credit regime.
“We expect further single-digit new business growth in 2016.”