TIDMMCL
Morses Club PLC
02 March 2021
2 March 2021
Morses Club PLC
Morses Club Chief Executive Officer appointed to Board of
CCTA
Morses Club PLC ("Morses Club"), an established provider of
non-standard financial services, is pleased to announce that Paul
Smith, Chief Executive Officer of Morses Club, has been appointed
as a Board Director of the Consumer Credit Trade Association
("CCTA" or the "Association"). Paul Smith will continue to serve as
a panel member of the Smaller Business Practitioners Panel ("SBPP")
of the Financial Conduct Authority ("FCA") alongside his new
role.
The CCTA is an independent trade body which represents
alternative lenders in the UK. Working closely with regulators and
Government, the CCTA aims to promote best practice and provides a
strong independent voice for its over 230 members and the market as
a whole. The Consumer Finance Association ("CFA") recently became
part of the CCTA, further increasing the Association's ability to
inform decision making and promote responsible lending.
Paul Smith, Chief Executive Officer of Morses Club, said:
"I am proud to be able to lend my experience to the CCTA,
protecting and promoting the interests of the alternative lending
sector. The market has undergone significant change of late, namely
as a result of regulatory changes and the Covid-19 pandemic. In my
new position, I look forward to helping inform decision making with
regulators and the Government to ensure that millions of consumers
who rely on this vital source of funding continue to have
responsible access to credit."
Jason Wassel, Chief Executive Officer of the CCTA,
commented:
"I am delighted that Paul has accepted the invitation to join
our Board of Directors. We know that his experience in lending and
in-depth knowledge of the consumers will be an asset to the
Consumer Credit Trade Association. More than ever, there is a need
for an alternative lending sector, and we need a strong voice to
make that case."
Ends
For further information please contact:
Morses Club PLC Tel: +44 (0) 330
Paul Smith, Chief Executive Officer 045 0719
Graeme Campbell, Chief Financial Officer
Peel Hunt (Nomad) Tel: +44 (0) 20 7418
Andrew Buchanan / James Britton / Rishi 8900
Shah / Duncan Littlejohns (Investment Banking
Division)
Camarco Tel: +44 (0) 20 3757
Jennifer Renwick / Oliver Head / Jake Thomas 4994
Notes to Editors
About Morses Club
Morses Club is an established provider of non-standard financial
services in the UK. The Group consists of Morses Club, the UK's
second largest home collected credit ("HCC") provider, and Shelby
Finance Limited, Morses Club's Digital division, which operates
under two online brands, Dot Dot Loans, an online lending provider,
and U Account, which offers online e-money current accounts. The
Group's growing Digital capabilities and scalable, highly invested
IT platform has enabled Morses Club to deliver an inc reasingly
broad range of financial products and services to the non-standard
credit market.
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 dir e ctly 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 (1) people using
the services of UK HCC lenders.
Morses Club's HCC division is the second largest UK Home
Collected Credit (HCC) lender with 170,000 customers throughout the
UK. The majority of the Company's customers are repeat borrowers
and the HCC division enjoys consistently high customer satisfaction
scores of 97% (2) . In 2016, the Morses Club Card, a cashless
lending product, was introduced and in 2019 the Company introduced
an online customer portal for its HCC customers, which now has over
124,000 registered customers.
The Group's growing Digital division, Shelby Finance, operates
under two online brands. Dot Dot Loans provides online instalment
loans of up to 48 months to c. 20,000 active customers. U Account
is a leading digital current account provider offering an altern
ative to traditional banking by providing a fully functional agency
banking service. U Account currently has c. 15,000 customers.
Morses Club 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 (3) and total loan receivables
of GBP10.7bn (4) .
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 borrowin g.
Approximately 2 million people move annually between standard and
non-standard markets (4) .
Since February 2014, unsecured personal lending has grown from
GBP161 billion to GBP225 billion in February 2020. It has since
contracted to GBP206 billion in October 2020(5) .
(1 High Cost Credit Review ANNEX 1 - July 2017) (2 Independent
Customer Satisfaction Survey conducted by Mustard 3 FCA High Cost
Credit Review Technical Annex 1: CRA data analysis of UK personal
debt - July 2017 4 Apex Insight - Non-Prime Consumer Credit: UK
Market Insight Report - September 2019 5 Table A5.2, Bank of
England Money and Credit Bank stats October 2020)
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
Reach is a non-regulatory news service. By using this service an
issuer is confirming that the information contained within this
announcement is of a non-regulatory nature. Reach announcements are
identified with an orange label and the word "Reach" in the source
column of the News Explorer pages of London Stock Exchange's
website so that they are distinguished from the RNS UK regulatory
service. Other vendors subscribing for Reach press releases may use
a different method to distinguish Reach announcements from UK
regulatory news.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRAFZGGFNZDGMZG
(END) Dow Jones Newswires
March 02, 2021 04:00 ET (09:00 GMT)
Morses Club (LSE:MCL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Morses Club (LSE:MCL)
Historical Stock Chart
From Apr 2023 to Apr 2024