Provident Financial : FCA Final Notice of Moneybarn Investigation
February 17, 2020 at 05:42 am EST
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Provident Financial PLC - PFG
FCA Final Notice of Moneybarn Investigation
Released 10:36 17-Feb-2020
RNS Number : 2056D
Provident Financial PLC
17 February 2020
Provident Financial plc says Financial Conduct Authority investigation into aspects of Moneybarn's historic lending practices is now closed
The Financial Conduct Authority (FCA) have today issued their final notice in respect of the investigation into Moneybarn's historic lending practices. The Final Notice relates to aspects of Moneybarn's previous forbearance and termination practices between April 2014 and October 2017. Moneybarn worked collaboratively with the FCA during the investigation, accepted its findings, and put in place clear, effective and appropriate processes to address the FCA's concerns by October 2017. Moneybarn completed a redress programme to compensate all potentially affected customers in the third quarter of 2019, and the total cost of the investigation was within the £20 million provision originally established in 2017.
The following information is disclosed in accordance with LR 9.6.13:
In accordance with the Listing Rules, there are no additional matters that would require disclosure under 9.6.13R of the Listing Rules of the UK Financial Conduct Authority.
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.
2. The FCA's investigation into Moneybarn was announced on 5 December 2017 (RNS: 3627Y). Provident Financial plc announced at its 2017 full year results on 27 February 2018 (RNS: 0462G), that a final resolution to the investigation could take up to 24 months.
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Provident Financial plc published this content on 17 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2020 10:41:09 UTC
Vanquis Banking Group plc is a specialist bank, focused on the mid-cost credit market. The Company is made up of three core brands, including Vanquis, Moneybarn and Snoop. The Vanquis brand offers a range of credit card products, unsecured personal loans and savings products. The Moneybarn brand offers secured vehicle finance on a range of asset classes, new and used, including cars, motorbikes and light commercial vehicles. Snoop, a platform which provides data-driven, personalized insights. It also provides a range of cards tailored to suit the needs of its customers, with a range of APR's, credit limits and promotional offers. It offers personal loans to new and existing customers through affiliates and intermediaries. It also provides its customers with personalized insights to help them better understand and manage their finances. All its credit products are delivered online. It also offers notice accounts and fixed rate bonds.
VANQUIS BANKING GROUP PLC 
