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Financial News: Bank Of England Toughens Stance On Lenders' Consumer

Bank Of England Toughens Stance On Lenders' Consumer Credit

07/04/2017 - 08:54:00 (RTTNews)

(RTTNews) - The Bank of England toughened its stance on credit card, personal loan and car finance provided by lenders.

The Prudential Regulation Authority on Tuesday said that the resilience of consumer credit portfolios is reducing, due to the combination of continued growth, lower pricing, falling average risk-weights and some increased lending into higher-risk segments. The PRA ordered lenders to provide details by September that they are not overstretched .

The regulatory body said although it did not find evidence that the growth in consumer credit has been primarily driven by a material lowering of credit policies or scoring, the aggregate growth plans may only be achievable with some loosening in underwriting standards or further reductions in pricing.

The BoE last week raised the capital requirement of lenders amid consumer credit growth. The decision reflected its assessment of the current risk environment and its intention to vary the buffer in gradual step.

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