Consumer finance new business grew by 7% in the 12 months to February 2015.

Figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business grew by 24%, while retail store and online credit grew by 6% in the same period.

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.”