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FCA investigation into Moneybarn completed

  • All customers potentially affected by FCA findings are fully compensated.
  • Moneybarn have implemented a new set of processes since 2017 to address FCA concerns.
  • Moneybarn’s open and cooperative approach has been recognised by the FCA in its final notice.

Moneybarn, the UK’s leading provider of specialist car, van and motorbike finance, today announces the conclusion of the Financial Conduct Authority’s (FCA) investigation into historic practices between April 2014 and October 2017. 

The FCA has found that between April 2014 and October 2017, some of its customers were adversely impacted by aspects of Moneybarn’s approach to forbearance, and the clarity of its communication to customers regarding termination options. 

By October 2017, the company had amended its processes to address the concerns raised by the FCA which are the subject of the FCA’s final notice. Moneybarn has identified all potentially affected customers and completed a full redress programme during 2019.

The company has worked collaboratively with the FCA for the duration of its investigation. Moneybarn’s open and cooperative approach has been recognised by the FCA in its final notice.

Shamus Hodgson, Managing Director of Moneybarn commented: “Throughout the investigation we worked collaboratively with the FCA. We are happy that all customers potentially affected by these findings have been fully compensated for any detriment they might have suffered. The processes we have had in place since 2017 are clear, effective, and appropriate. The FCA has clarified its expectations of lenders in these important aspects of customer treatment, which will provide guidance for all finance companies within the motor industry. As market leaders in this area, we're proud to set an example for others in the industry to follow."

Enquiries:

 

Media

 

Richard King, Provident Financial

0203 620 3073

Nick Cosgrove/Simone Selzer, Brunswick

020 7404 5959

 

 

Investor Relations

 

Gary Thompson/Vicki Turner, Provident Financial

01274 351900

investors@providentfinancial.com

 

Notes to Editors

1 .  Provident Financial plc is a leading provider of credit products which provide financial inclusion for those consumers who are not well served by mainstream lenders. The Group serves 2.4 million customers and its operations consist of Vanquis Bank, Moneybarn, and the Consumer Credit Division (CCD) comprising Provident home credit and Satsuma.