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Good comments and thanks for sharing
Just thought I'd add. After recent experiences Hamish Paton wouldn't want to blot his copybook again. He'd have done extra diligence on PFG.
For me it's a thumbs up for the appointment. Chris Gillespie is old school and after an earlier falling out with Peter Crook returned to PFG in 2017. He appears to be well thought of [CG] by the FCA and was possibly always interim. The problems with CCD is the transition which basically affects everything nowadays and no industry is untouched by it. The term "door step collector" is often used but bears little connection with the real world which works on the internet. I doubt CG was up to it and it is a challenge more suited to a capable younger man. Hamish Paton clearly passes the FCA checks and appears to be well thought of. Amigo was a mistake of his but many of us know that it isn't until you sit down in the new place that reality strikes.
Anecdotal but a pal of mine had a tenant who worked for FCA. This was about 2 years ago and I asked him if he could find anything out about PFG through the tenant. The only response was that the level of complaints was remarkably low in that sector and PFG was considered one of the better lenders. I had a car accident 18 months ago (other driver rear ended me) and it was settled. A month or so ago it was revived and I had to press my memory to recall events. I was incensed and said that I was more than happy for it to be escalated and I would turn up at court. Apparently the accident remains on file for 6 years. I'd like to say it was me but my wife 'sussed' it out quicker. She said it's on of those try on claims that the ambulance chasers call you up about after an accident. The car that hit me was an old wreck and the driver young. If I hadn't so robustly reacted whose to say that Hastings wouldn't have just settled on an economics basis? The matter is now closed and my no claims is unaffected. There is an unnecessary (imo) industry grown up that feeds parasitically off those of us who pay our bills and work with society. The small percentage that is feckless joins in what is in reality a scam. They have little to lose by making a claim of any sort.
PFG is ahead of the field and being the biggest has strict protocols for new lending and customers. The narrative isn't good even for the big banks presently but it will change.
Its trading at a tad above half its NAV with a lot of provisions for default tucked away...gives me some comfort that we will crawl back and double from here...You have to be contrarian and patient sometimes
Just checked, the SP went from 200 to 50p in under two months after he joined.
No way someone can damage it so fast, think he just got timing wrong joining
I'm worried about this, isn't this rough the same time amigo went south rapidly??
Surely just bad timing on his part
Hamish Paton has a strong consumer finance background and excellent sector knowledge, having served as CEO of Amigo Holdings plc ('Amigo') from July 2019 until his resignation in December 2019
amigo , brighthouse how can thinspire co , words fail
amigo , brighthouse , how can this inspire confidence , words fail
Let’s hope it’s third time lucky.His last two employers have been spectacular failures.