Continued growth has been witnessed in the UK's new car finance sector, figures from the Finance & Leasing Association (FLA) have revealed.

According to the organisation's data, January revealed a 28 per cent rise in new car finance in comparison to the same month last year.

However, director general of the FLA Stephen Sklaroff highlighted the need for the swift introduction of new tailored regulatory regime to help safeguard consumers in the UK.

"A sensible transition period and a smooth process will be vital to maintain the current supply of credit to consumers and businesses," he stated.

Earlier this month, the Society of Motor Manufacturers and Traders highlighted an upturn in the UK new car sector in February – a 12th consecutive month of growth.

New car sales grew by 7.9 per cent on the same month in 2012, while year-to-date registrations were up by 10.3 per cent on last year.

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Posted by Brendan Saunders,  Account Manager, The Fuelcard People.