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Secured loan business down 11% year-on-year

Secured loan business fell 11% in September, compared to the same period last year, show the latest figures from the Finance & Leasing Association.

Secured loan business amounted to just £24m in September.

Overall consumer credit business dropped 6% in September compared with the previous year.

The only sector of consumer finance to grow was dealer motor finance, which rose by 2%.

The high street has been hardest hit by the decline in consumer spending, with credit and store card spending having fallen by 8% and 22% respectively. Instalment credit spending fell by 23%.

Fiona Hoyle, head of consumer finance at the FLA, says: “The new figures show that consumers continue to take a cautious approach to spending, with a decline in the amount of credit granted almost across the board. But it’s important to remember that, in absolute terms, FLA members have lent £12.5 billion in the past three months, allowing consumers to make essential purchases.

“We have explained to MPs and to the government that any new regulation must be well-targeted or it risks entrenching the problem of shrinking markets and not inhibit the contribution of consumer spending to the economic recovery.”


Steve Haggerty blames exit from Northern Rock on strategy clash

Steve Haggerty, former commercial director of Northern Rock Asset Management, has revealed his reasons for leaving the firm after just a few months. Haggerty joined NRAM in February but left in July because of what he says were fundamental differences over the strategic direc-tion of the business. Haggerty was working at Crown Westfalen Bank, parent […]


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