The Financial Conduct Authority (FCA) has informed Provident Financial that its Home Credit and Satsuma businesses have been fully authorised. Malcolm Le May, Chief Executive Officer of Provident Financial plc said “This is excellent news for our customers and testament to the improvements achieved in Home Credit during the past year from an operational and…

Provident Financial has announced the appointment of Simon Thomas as Chief Finance Officer. Thomas will join the board and start as Chief Finance Officer on the 3rd December 2018. Andrew Fisher, the current Finance Director will step down from the Provident Financial board when Thomas takes up his appointment, but will remain employed by the company…

The Insolvency Service has published the latest personal insolvency statistics for Q3 (July to September 2018) for England and Wales. The statistics show that total personal insolvencies fell by11% from a six-year high in Q2 2018 and are 2% lower than in the same quarter in 2017. This was driven by a decrease in individual voluntary…

The Government has that it will introduce a No-Interest loan scheme and breathing space plans as part of the Autumn budget announcement. Responding to the news The Money Advice says it ‘welcomes action’ on tackling problem debt, including the new details of the government’s Breathing Space scheme, plans to pilot a no-interest loans initiative and…

The Financial Conduct Authority (FCA) has today published the complaints figures for regulated firms for the first half of 2018. Complaints continued to increase for the fourth successive half year, reaching a new record level of 4.13 million complaints made to 3,161 firms. This was a 10% increase compared with the previous 6-month period. 98%…

Here is an overview of The Money Charity’s latest statistics for October 2018: Personal debt in the UK People in the UK owed £1.5987 trillion at the end of August 2018. This is up from £1.5544 trillion at the end of August 2017, an extra £849.91 per UK adult and £66.96 higher than the previous month. The average…

Home credit lender, Provident Financial, has reported “further good progress”  for this year’s third-quarter as it still recovers from a disastrous 2017. The latest company statement says that two of its divisions are under FCA investigation which has led to a £120m loss for the firm. However, the company is now seeing further progress in…

The Consumer Credit Trade Association (CCTA) has published a statement in response to the Financial Conduct Authority (FCA) ‘Dear CEO’ letter issued to all high cost short-term lenders (HCSTL) regarding the issues surrounding the increase in complaints about unaffordable lending and how the FCA expect firms to firms to manage the impact.  Lenders have been requested to…

The Financial Conduct Authority (FCA) has issued a warning to the high-cost short-term credit (HCSTC) sector amid a rise in complaints about unaffordable loans. The FCA has said it has sent a so-called “Dear CEO” letter to providers of high-cost short-term credit asking them to assess whether their creditworthiness assessments are compliant and whether borrowers…

Morses Club the UK’s second largest home collected credit lender, has announced its interim results for the twenty-six-week period ended 25 August 2018. The company says its pre-tax profits will hit £10 million.  Pre-tax profits rose from £6.7m in the same period last year to £10m in the latest period of trading, while statutory revenues…

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