We talk a lot about our Purpose and our Blueprint being the guiding lights behind our business approach. But what do they really mean and how do they work in practice? 

The aim to be, above all, responsible runs through everything we do. Lending responsibly and acting responsibly are the cornerstones of the way PFG does business.

Customer Progression

We build products, services and partnerships that change the game for our customers.



Vanquis customers who were satisfied with their Vanquis credit card: 90% (2018: 86%) 


Moneybarn customer satisfaction (Feefo score): 4.6 (2018: 4.7) 


Number of colleague volunteering hours: 2,224 (2018: 2,415)

Human Experiences

We build enduring relationships by delivering experiences that seamlessly integrate the latest technology with our brilliant people.



Of Vanquis customers engage with the app or online service


Increase in adoption of online statements by Vanquis customers over the last six months


Increase in 2019 in Moneybarn customer visits to the website to 527,065 sessions 


Increase in 2019 in applications through the Moneybarn website to become a new customer

Head AND Heart Decisions

We will deliver for our stakeholders by balancing: (i) data and insight; (ii) financial return and doing the right thing; and (iii) customer need and customer want, in order to build a long term sustainable business.



Vanquis customer satisfaction score: 90% (2018: 86%)


Moneybarn Feefo score: 4.6 (2018: 4.7)

Fighting Fit

We continually challenge our cost base, efficiency and effectiveness, and change our capability to ensure we remain the most competitive player in the market.



Cost-to-income ratio: 43.8% (2018: 43.0%) 


Return on equity (PFG): 18.2% (2018: 19.2%)


Regulatory capital in excess of £50m: £117m (2018: £96m)


Funding headroom committed maturities: May 2022 (2018: May 2020)

We build products, services and partnerships that change the game for our customers.

Vanquis credit cards can act as credit builder cards to help customers who are new to credit or who have had a negative life event to build or rebuild their credit score. An improved credit score can lead to cheaper borrowing, which can help people enjoy a better everyday life. 84% of Vanquis customers felt their card helped them improve their credit rating. In 2019, Vanquis began tracking ‘customer progression’ across the customer lifecycle using more than 50 customer metrics. As customer progression is a key part of the Vanquis strategy, the business has reviewed when fees and charges are applied. More significantly, Vanquis has reduced its APRs for around 100,000 customers who, by using a Vanquis card, have shown responsible use of credit, which makes them eligible for cheaper credit. Targets have also been set against more than 20 customer metrics, with a particular focus on credit score improvement, downward repricing and speed of complaint resolution.

Moneybarn has listened to its customers and responded by increasing its product range. Unsurprisingly, customers didn’t just want credit for cars, but also for commercial vehicles and motorbikes. Commercial vehicles allow sole traders like plumbers and electricians to work in and support their local economies. Moneybarn plans to develop its offering further in the near-prime space and develop a customer resolicitation programme that will support customer access to cheaper credit should their loan end early.

We build enduring relationships by delivering experiences that seamlessly integrate the latest technology with our brilliant people.

The internet is constantly changing how we interact and do business with our customers. But this change only works if customers see it as valuable and useful. With this in mind, Vanquis has formed partnerships with aggregators and affiliates to assist the customer onboarding process. By rolling out pre-application soft searches across all channels, as well as pre-approval and pre-population for all affiliate channels, Vanquis has made it easier and quicker for customers to apply for a credit card.

Vanquis communicates with customers through its app, chatbot and SMS, alongside the more traditional routes of post and phone. Customers have embraced the new options, with over 1 million registered on the app and over 300,000 opting for electronic statements, plus the chatbot enhancing SMS customer response rates.

Moneybarn has teamed up with Vanquis through the bank’s app and made car finance available to Vanquis customers. Moneybarn has continued to develop its digital proposition with 200,000 views through its self-serve portal and 500,000 visits to its website.

We deliver for our stakeholders

We balance:

  1. data and insight;
  2. financial return and doing the right thing; and
  3. customer need and customer want

In order to build a long term sustainable business.

Customers need credit in their everyday lives, but we have to decide whether the amount of credit each customer applies for is appropriate for their circumstances. We need to use our head and heart when deciding if someone should have credit, how much they should have and, if they get into financial difficulty, how we support them.

To help us make the right decision, we use strict affordability and creditworthiness criteria. The nature of our market means, despite our best judgement, customers can still find themselves in difficulty. In these cases, we don’t rush to penalise our customers and allow appropriate levels of forbearance so customers can get back on track. All decisions involve heads and hearts; we balance customer need and want against affordability while using our data and insight to make sure we deliver the right outcome for the customer.

Vanquis no longer offers 69% APR for new credit card customers and Moneybarn has removed the bottom tier of lending at 48.9% APR. Vanquis has also increased the minimum payment and introduced a recommended repayment amount for credit card users. These changes are designed to help customers repay their balances quicker, which saves them money and is the right thing to do.

We continually challenge our cost base, efficiency and effectiveness, and change our capability to ensure we remain the most competitive player in the market.

We have developed a clear set of financial targets to measure our success. The outcome for our shareholders will be sustainable, attractive returns.

Through our clear strategy and industry-leading synergistic businesses, we will deliver an attractive investment for shareholders.
As communicated at our last Capital Markets Day, we will target a return on equity between 20% and 25%, and are making progress towards the target.

We are currently focusing on two key areas for the future:

We are focused on turning the common processes that existing across PFG to our advantage. We will target a 500 basis point reduction in the cost income ratio from 43% in 2018 to approximately 38% in 2022. These plans include leveraging:

  • Capabilities and best practice in distribution, credit, collections and digital throughout PFG to improve efficiency.
  • Customer migration towards their preferred digital application and servicing channels, such as the Vanquis app, to reduce the need for capacity in high-cost human contact centres.

Both the synergies and digital options for customers will continue to reduce the cost income ratio below 43% in 2020.

PFG refinanced its revolving syndicated bank facility in July 2019 and successfully signed a bilateral securitisation facility with NatWest Markets to fund Moneybarn business flows in January 2020. Together with the ongoing retail deposits programme, this is sufficient to fund contractual debt maturities and projected growth in the non-bank group until mid-2022, when our syndicated revolving bank facility matures.

We are currently exploring a number of potential structures to enable Moneybarn to access Vanquis’s retail deposits capability and are aiming to provide a formal proposal to the PRA in the first quarter of 2020.

PFG also continues to actively consider issuing further senior bonds, private placements and, potentially, a tier 2 instrument. In addition, we are also assessing ways to manage the Vanquis balance sheet more efficiently. In respect of funding, this would be through diversifying the funding mix into instant access deposits or wholesale markets through further securitisation. In respect of liquidity, this would be in respect of revisiting the mix of the assets held in the liquid assets buffer rather than solely relying on the Bank of England Reserve Account. 

Our KPIs are helpful in assessing progress, but are not exhaustive as we also take account of a wide range of other measures in assessing performance.