MFX ENTERS THE SME DEBT MANAGEMENT MARKET

RNS Number : 7819A

Manx Financial Group PLC

04 June 2021

 

FOR IMMEDIATE RELEASE        4^th June 2021

Manx Financial Group PLC (the "Company")

MANX FINANCIAL GROUP PLC ENTERS THE SME DEBT MANAGEMENT MARKET

Manx Financial Group PLC (LSE: MFX), the financial services group, announces that it has obtained a Variation of Permissions from the Financial Conduct Authority ("FCA") for its wholly owned subsidiary, Manx Collections Limited ("MCL"), to manage and collect debt on behalf of third-party lenders operating in the UK.

The Group remains committed to UK lending, both regulated and unregulated and, as such, sees an opportunity to capitalise upon its existing successful infrastructure and compliance resource to service debt recovery. MCL will operate in accordance with best practice on behalf of those lenders who do not wish to manage the process for themselves. By implementing compliant and structured debt settlement programs, MCL anticipates funders will be able to continue lending to companies strong underlying fundamentals but are currently at risk or default while their businesses recover and adapt to a post-COVID world.

Douglas Grant, Executive Director of MCL, commented:

"As the SME debt burden continues to grow, an increasing number of vulnerable companies are liable to default on their loan obligations. It is imperative that lenders do not compound this cycle by only supporting sectors and businesses that are resilient and have been agile enough to already adapt to the new economy. The FCA's approval allows MCL to work with businesses facing problems using debt adjusting and debt counselling permissions to review and restructure exposures. We believe these permissions will assist others in ensuring that debt is managed in line with good conduct and Treating Customers Fairly principles."

For further information, please contact:

Manx Financial Group PLC Denham Eke, Chief Executive Tel [phone]

Beaumont Cornish Limited Roland Cornish/James Biddle Tel [phone]

Greentarget Limited Dafina Grapci- Penney Tel  [phone]

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

 

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