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It should do yes, most financial institutions do. It may be that the auditors found some controls and checks in their processes need tightening up.
Does PCF Bank have an Internal Audit Function?
"A formal assessment of something with the intention of instituting change if necessary"
So why are the shares suspended??
https://www.thisismoney.co.uk/money/saving/article-9605327/Best-buy-savings-bank-PCF-suspends-share-trading-chief-exec-resigns.html
"The news came two days after it told the markets 'trading in the group's shares has been temporarily suspended while the group undertakes a further review in relation to its financial controls and reporting processes'.
The bank told This is Money in a statement: 'PCF Bank will provide an update to the market in due course. There is no change to day-to-day business, and PCF Bank continues to operate as usual with clients, brokers and customers.'
It has frequently featured in and topped best buy tables since it opened its doors to everyday savers four year's ago. Prior to today's news it sat in second place in the one-year tables, paying 0.79 per cent on £1,000 or more."
And resigning will not save him for any regulatory consequences, in financial services you are personally responsible for things. So I should imagine he disagrees with them, or is unsatisfied at whatever findings they've made and wanted to look into.
Who knows? The fact the FCA are looking into them must mean questions are being asked about their risk controls etc, which is what was indicated in the initial RNS. If anything is found to be at fault the company may be fined.
Why would Scott resign if the nature and magnitude of the issue(s) was not known???
He must have been immensely proud of seeing this company through to becoming a licensed bank, I too would be shocked to see its shares suspended. With 26 years of service he has probably earned a retirement at least. Thankfully, this company has been solid so I am not too worried. There are other companies out there that I would be very concerned if their talented CEO had resigned after carrying the company on his back. But I believe PCF is a solid business so I do not think we will be too harmed by the departure.
We will simply have to wait and see what the issue is. If it's relating to their financial controls I suspect it may be due to AML checks and customer due diligence, maybe about the know your customer or treating customers fairly principles. It is quite hard to lie about liquidity ratios and I don't think they would have arranged any creative accounting so let's see what the issue is.
Nobody knows what the issue(s) is and there is little point speculating. The RNS is about as much use as a chocolate fireguard in this regard. Lets see what Monday brings.
Day 3 now and still no news. Is anyone else starting to feel uncomfortable with the situation, or am I reading too much into it?
As long as they weren't audited by KPMG we should be fine
The y/e accounts have also been audited!!
Could this be a change of reporting periods? If the company's liquidity ratios etc are still fine and business is still good I am not overly concerned. I don't think this company will do a Carillion and suddenly go bust after reporting supposedly fine accounts.
Not looking great I feel
Doesn't look good:
PCF announces that trading in the Group's shares has been temporarily suspended while the Group undertakes a further review in relation to its financial controls and reporting processes. This work is progressing and a further announcement including regarding the timing of the full year results will be made in due course.
I suspect it's a move to the main market, personally. Either that or the company being taken over and taken private (I was in Aldermore bank when this happened). Hopefully at a nice premium to the share price. But of course I want long term value so I am hoping it's a move to the main market.
No idea, but imo not being handled too well
Would any of those be a reason for temporary suspension? I'm on (170,000) tenterhooks.
Anyone wondering what the announcement is? Takeover? Merger? Or moving the shares to the main market?
When we initiated coverage in Dec 20, comparing PCF to peers was difficult as most lenders have a 31 Dec year-end. It turns out that PCF is in an elite group that were able to maintain growth during FY20 and stay profitable.
Moreover, its recent trading update, five months into the financial year, has shown a continuing improvement in the loan repayment environment, although originations have been slowed by the introduction of a third lockdown and underwriting caution.
Despite this uncertainty, our medium and long-term term outlook remains bullish. The business has positioned itself well for an exit from the pandemic, and recent high calibre appointments (Caroline Richardson, CFO and Garry Stran, COO) strengthen the team to deliver the growth plan of building a £1bn lending book
https://www.equitydevelopment.co.uk/research/cautious-lending-steady-progress
Do the two sells of 43534 shares, 1 X 22.0001 and 1 X 22.6143 look unusual?
An excellent and timely appointment imo
It would have been nice to have received an approximate value breakdown of the principle adjustments.
However of more importance to me will be the trading update in a couple of weeks time rather than whether or not software costs should be charged to P&L or capitalised.
I think its more Grunt, Grunt rather than oink, oink!!!
......and look, they are all under 24p (mid range). Oink oink???