The business of lending to consumers and small businesses is changing fast. Older lending models are harnessing new technologies to streamline every stage of the lending process; and entirely new models are making rapid inroads into mainstream lending markets. The proliferation of smart devices has turbo-charged product development and customer service. The previously excluded are being brought into the mainstream and boundaries between prime and non-prime are breaking down.
The Group will enable parliamentarians to keep pace with market innovations that will affect the wealth and well-being of every individual, household and small business in the country. It will provide a window into the new economy and the models and sources of finance that consumers and businesses are either using now, or will be very soon. At the same time, the Group will monitor the spectre of over-indebtedness and the harm it can cause. It will seek to engage the regulatory authorities to help ensure a proportionate balance between supply and protection is struck.
The Group is chaired by Julian Knight MP. The officers are Chris Leslie MP, Lord Flight, Chris Evans MP, Robert Jenrick MP, Lee Rowley MP and Lord Sharkey. The Group’s activities are funded by annual subscriptions from the main trade associations representing alternative lending businesses in the UK. The funding pays for room hire and catering for roundtable meetings, an annual parliamentary reception, the printing and distribution of meeting reports and the maintenance of this website.