Provident Financial PLC FCA Final Notice of Moneybarn Investigation (2056D)
February 17 2020 - 4:36AM
UK Regulatory
TIDMPFG
RNS Number : 2056D
Provident Financial PLC
17 February 2020
Provident Financial plc says Financial Conduct Authority
investigation into aspects of Moneybarn's historic lending
practices is now closed
The Financial Conduct Authority (FCA) have today issued their
final notice in respect of the investigation into Moneybarn's
historic lending practices. The Final Notice relates to aspects of
Moneybarn's previous forbearance and termination practices between
April 2014 and October 2017. Moneybarn worked collaboratively with
the FCA during the investigation, accepted its findings, and put in
place clear, effective and appropriate processes to address the
FCA's concerns by October 2017. Moneybarn completed a redress
programme to compensate all potentially affected customers in the
third quarter of 2019, and the total cost of the investigation was
within the GBP20 million provision originally established in
2017.
The following information is disclosed in accordance with LR
9.6.13 :
In accordance with the Listing Rules, there are no additional
matters that would require disclosure under 9.6.13R of the Listing
Rules of the UK Financial Conduct Authority.
Enquiries:
Media
Richard King, Provident Financial 0203 620 3073
Nick Cosgrove/Simone Selzer,
Brunswick 020 7404 5959
Investor Relations
Gary Thompson/Vicki Turner,
Provident Financial 01274 351900
investors@providentfinancial.com
Notes to Editors
1 . Provident Financial plc is a leading provider of credit
products which provide financial inclusion for those consumers who
are not well served by mainstream lenders. The Group serves 2.4
million customers and its operations consist of Vanquis Bank,
Moneybarn, and the Consumer Credit Division (CCD) comprising
Provident home credit and Satsuma.
2. The FCA's investigation into Moneybarn was announced on 5
December 2017 (RNS: 3627Y). Provident Financial plc announced at
its 2017 full year results on 27 February 2018 (RNS: 0462G), that a
final resolution to the investigation could take up to 24
months.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. 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.
END
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