Morses Club PLC Directorate Change (6575X)
May 01 2019 - 1:01AM
UK Regulatory
TIDMMCL
RNS Number : 6575X
Morses Club PLC
01 May 2019
1 May 2019
Morses Club PLC
Board changes
Morses Club PLC ("the Company"), the UK's second largest home
collected credit lender, announces changes to the Board of the
Company.
We are pleased to announce that Baroness Simone Finn has been
appointed to the Board as an independent non-executive director and
Chair of the Audit and Risk & Compliance Committees with effect
from 5 May 2019.
Baroness Finn is a member of the UK House of Lords. She is a
former government adviser on industrial relations, efficiency and
Civil Service reform. She advises international governments in
these fields, amongst others, through the consultancy business of
which she is managing director. Baroness Finn also has a deep
grounding in regulatory compliance and corporate governance
excellence. She is a chartered accountant by profession and is
experienced in audit practice through her previous roles and her
membership of the Audit Committee of Arbuthnot Latham. She
previously worked at the Financial Services Authority, the
predecessor of the FCA.
Alongside this new appointment, Patrick Storey has informed the
Board that he wishes to retire as an independent non-executive
director of the Company when his current three year term of office
expires, on 4 May 2019.
The Board of Morses Club welcomes Baroness Finn to the Board,
and wishes to express its sincere gratitude to Patrick Storey for
his excellent service to the Company during the last three
years.
Stephen Karle, Chairman of Morses Club PLC, said "We are
delighted to welcome Baroness Simone Finn to the Board. Her
experience and understanding of the regulatory environment will be
a valuable addition to the Board and we look forward to working
closely with her."
For further information
Morses Club PLC Tel: +44 (0) 330
Paul Smith, Chief Executive Officer 045 0719
Andy Thomson, Chief Financial Officer
Panmure Gordon (UK) Limited (Nomad and Joint Tel: +44 (0) 20
Broker) 7886 2500
Richard Gray / Fabien Holler / Atholl Tweedie
(Corporate Finance)
Charles Leigh-Pemberton (Corporate Broking)
finnCap Tel: +44 (0) 20
Jonny Franklin-Adams / Anthony Adams (Corporate 7220 0500
Finance)
Tim Redfern / Richard Chambers (Corporate
Broking)
Camarco Tel: +44 (0) 20
Ed Gascoigne-Pees / Jennifer Renwick / 3757 4984
Kimberley Taylor
Simone Jari Finn (nee Kubes), age 50, is currently a director or
a partner as shown below. She has not been a director or partner of
any other company or partnership during the last five years.
Current Directorships Current Partnerships
FMAP Limited FMA Partners LLP
The Conservative Party Foundation Limited Francis Maude Associates LLP
Save as set out in this announcement, there are no further
matters to be disclosed in accordance with AIM Rule 17 and
paragraph (g) of Schedule Two of the AIM Rules for Companies.
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC)
lender with 235,000 customers and 1,942 agents across 98 locations
throughout the UK.
The Company offers a range of loan products to its customers
through its extensive self-employed agent network. The majority of
the Company's borrowers are repeat customers and the Company enjoys
consistently high customer satisfaction with scores of 97% or
above(1) .
The Company is using technology to broaden its offering and
provide new products to ensure customers can access credit with the
flexibility they require. In April 2016, its cashless lending
product, the Morses Club Card, was introduced, enabling its
customers to buy online as well as on the high street. Dot Dot
Loans, the Company's first online instalment product, was launched
in March 2017.
Morses Club successfully listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset,
consists of both secured and unsecured lending and is estimated to
comprise around 10 million consumers(2) .
Non-standard credit is the provision of secured and unsecured
credit to consumers other than through mainstream lenders. Lenders
providing non-standard credit principally lend on an unsecured
basis and the market is characterised by high frequency
borrowing.
Since February 2014, unsecured personal lending has grown from
GBP161 billion to GBP216 billion in February 2019(3) .
(1 Independent Customer Satisfaction Survey conducted by Mustard
2 FCA High Cost Credit Review Technical Annex 1: CRA data analysis
of UK personal debt - July 2017 3 Source: Table A5.2, Bank of
England Money and Credit Bankstats February 2019)
About UK Home Collected Credit
UK HCC is considered to be a specialised segment of the broader
UK non-standard credit market. UK HCC loans are typically small,
unsecured cash loans delivered directly to customers' homes.
Repayments are collected in person during weekly follow-up visits
to customers' homes.
UK HCC is considered to be stable and well-established, with
approximately 1.6 million(2) people using the services of UK HCC
lenders.
(2 High Cost Credit Review ANNEX 1 - July 2017)
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END
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