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More consumer choice means "healthy" marketplace

The fact that customers have an ever-expanding variety of products to choose from is ensuring that the UK financial market remains in good health, it has been claimed.

According to the British Bankers' Association (BBA), consumers are now given more information on the options available to them and can switch between different products with greater ease, meaning financial services are better tailored to individual needs.

Although refusing to speculate that a definite trend of financial organisations becoming more niche is developing, the BBA welcomed the emergence of personal loans, bank accounts and credit cards that cater for specific types of consumer.

"We are very happy to see a healthy marketplace," said a spokesperson for the BBA.

"Part of that is the ability for customers to easily and conveniently switch from one organisation to another if they see a deal that suits their personal situation better," she added.

The Finance and Leasing Association said this week that certain aspects of society have been improved by consumer credit, as it can act as a "social enabler", with consumer spending often "propping up the economy".

Click here to see much you could borrow with a Lombard Direct personal loan.

28/06/2007 17:01:38

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