The Finance & Leasing Association (FLA) has reported growth of 14% in consumer finance new business in May, compared with the same month last year.

The second charge mortgage market reported new business up 10% by value in May compared with the same month last year, while the number of new mortgages fell by 9% over the same period.

Credit card and personal loan new business together grew by 13% compared with May 2015, while retail store and online credit increased by 10% over the same period – its strongest growth for over a year.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “May saw double-digit growth in new business across the main consumer finance products. The recent falls in second charge mortgage new business volumes follow a significant period of change in this market as it prepared to move to the Financial Conduct Authority’s mortgage regime.”