Business
FCA Final Notice of Moneybarn Investigation
FCA Final Notice of Moneybarn Investigation.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 2056D Provident Financial PLC 17 February 2020 \n\n \n \nProvident Financial plc says Financial Conduct Authority investigation into aspects of Moneybarn's historic lending practices is now closed\n \nThe 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.\n \n \nThe following information is disclosed in accordance with LR 9.6.13: \nIn 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.\n \n\n\n\n\nEnquiries: \n\n\n \n\n\n\n\nMedia\n\n\n \n\n\n\n\nRichard King, Provident Financial \n\n\n0203 620 3073\n\n\n\n\nNick Cosgrove/Simone Selzer, Brunswick\n\n\n020 7404 5959\n\n\n\n\n \n\n\n \n\n\n\n\nInvestor Relations\n\n\n \n\n\n\n\nGary Thompson/Vicki Turner, Provident Financial\n\n\n01274 351900\n\n\n\n\[email protected]\n\n\n \n\n\n\n\nNotes to Editors\n \n1 . 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.\n2. 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.\n \n \n \n \n\n\n\n\n \n\n\n \n\n\n\n\n \n\n...