Morses revenues rise

A rise in customer complaints has forced sub-prime lender Morses Club to lift the amount of money it has set aside to handle demands for compensation from borrowers who used its high-cost loans.

Morses said in its half-year results that it had experienced a “continued increase” in demands for redress in the six months to August 28 and had increased its provision to cover unresolved complaints to £2.4m from £2m at the end of February.

Paul Smith, Chief Executive Officer of Morses Club, said “Our resilience as a business underpins continued growth in our digital division which has experienced a 172.5% increase in credit issued and a significant increase in customer numbers in the period.  The HCC division has performed well, despite the challenges brought about by the pandemic, and this has given us a strong foundation to address market demand, particularly in our lending products. We continue to maintain our position as one of the market leaders for customers who face financial challenges in accessing lending products. Our levels of customer satisfaction, allied with the engagement levels from our teams, are testament to our strategy of putting customers at the very heart of our day-to-day operations.”