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Pillar 3 regulatory capital disclosures

The consolidated Provident Financial plc group (the group) Pillar 3 disclosures on capital and risk management at 31 December 2016 in accordance with the requirements of the Capital Requirements Directive and Regulation (CRD IV) is now available.

This document should be read in conjunction with the Provident Financial plc Annual Report and Financial Statements 2016.

The group comprises three principal trading divisions:

  • Vanquis Bank, which provides credit cards to the non-standard UK consumer credit market and accepts retail deposits;
  • Consumer Credit Division (CCD), which provides home credit and online lending to the non-standard UK consumer credit market; and
  • Moneybarn, which is the UK’s leading non-standard vehicle finance provider.

Vanquis Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). The PRA sets requirements for Vanquis Bank relating to capital and liquidity adequacy and large exposures. The group, incorporating Vanquis Bank, CCD and Moneybarn, is the subject of consolidated supervision by the PRA by virtue of Provident Financial plc being the parent company of Vanquis Bank. The PRA sets requirements for the consolidated group in respect of capital and liquidity adequacy and large exposures.

The group is subject to the new PRA liquidity provisions that came into force on 1 October 2015.

The FCA regulation of the consumer credit industry commenced on 1 April 2014. Moneybarn received FCA authorisation in June 2016. CCD continues to operate under an interim permission awaiting full authorisation, consistent with the operate under an interim permission
awaiting full authorisation, consistent with the other sizeable firms operating in the home credit market.

The group’s disclosures for 2016 are now available via the following link: Pillar 3 disclosures – 31 December 2016