FCA Final Notice of Moneybarn Investigation

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 £20 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
[e-mail]

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.

 

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