Provident Financial plc (the "Company") has been informed that the Financial Conduct Authority (FCA) has commenced an investigation into Moneybarn in relation to the processes applied to customer affordability assessments for vehicle finance and the treatment of customers in financial difficulties.
The Provident Financial Group aims to act responsibly in all its relationships, and to play a positive role in the communities it serves. The FCA granted Moneybarn authorisation to conduct consumer credit activities on 3 June 2016 and since that date the FCA has continued to discuss certain processes with Moneybarn and Moneybarn has made a number of process improvements, including to the way it deals with future loan terminations.
The Company will work collaboratively with the FCA to investigate the remaining concerns and resolve any outstanding related issues as soon as practicable.
Further to the Company's trading update on 13 October, the Company intends to make a post-closing trading update in mid-January.
Jade Byrne, Provident Financial 01274 351900
Charlie Pretzlik, Nick Cosgrove, Simone Selzer, Brunswick 0207 4045959
Gary Thompson/Vicki Turner, Provident Financial 01274 351900