Provident Financial Group has announced the appointment of Malcolm Le May as Group Chief Executive Officer (CEO), with immediate effect. This follows a Board process led by Stuart Sinclair over recent months. Stuart Sinclair, who led the Nomination Committee process to appoint the new Group CEO said: “It became clear to the Board as the search…

The Financial Conduct Authority (FCA) has published an update on its work in the high-cost credit sector. The update follows a Feedback Statement the FCA published in July 2017 which identified key areas of concern with the sector including overdrafts, rent-to-own, home-collected credit and catalogue credit. Work undertaken since July 2017 has demonstrated an emerging…

New research from Mintel has found that the majority of unsecured loan borrowers are living in ignorance as three in five Brits (60%) admit they are unaware of the interest rate being charged. More figures suggest 74% of Brits aged 45-64 with structured personal loans say they do not know the rates they are paying.…

The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.5 percent in the year to December 2017 up from 9.3 percent in November. Outstanding balances for consumer credit now stand at over £207.1 billion .The 8.9% growth in credit card lending has pushed the…

Provident Financial has announced that David Sear, FinTech veteran and former founder of WorldPay has decided to step down from the board. Sear joined the board a year ago to assist with the development of the group’s strategy in this arena and broader IT direction, the group now finds itself in very different circumstances and…

Provident Financial is to report a pre-exceptional loss of around £120m in its consumer credit division. The lender has published a trading update for the year to 31st December 2017, ahead of its final results for the year which will be announced in late February. The report summary highlights: Vanquis Bank and Moneybarn have both traded…

The Consumer Finance Association (CFA), the principal trade association for short-term lenders, has appointed Lucy Donovan as their Head of Communications, a new role that will cover public relations, public affairs and member engagement. Lucy joins the CFA after six years with one of the UK’s largest short-term lenders, where she held various communications roles.…

The rate of UK consumer borrowing continued to slow in November according to the Bank of England as it seeks to slow down the growth of the personal loan market.The report shows a growth in consumer credit of 9.1 percent in the year to November 2017. Outstanding balances for consumer credit now stand at over £205.8 billion. In response…

Decisioning software specialist LendingMetrics is set to launch a new Open Banking service in 2018. The  “Open Bank Vision” campaign will launch in early 2018 as a free service. There will be zero setup fees, transaction fees, account fees, or indeed fees of any nature. The company has also emphasised that this is not an introductory offer,…

New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 13% compared with October 2016, while retail store and online credit new business increased by 3%. Second…

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