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TOP NEWS: FCA will not oppose Provident compensation scheme in court

Wed, 14th Jul 2021 09:35

(Alliance News) - The Financial Conduct Authority on Wednesday criticised Provident Financial PLC's scheme of arrangement to resolve customer complaints, although it will not appear in court to oppose it.

Subprime lender Provident has offered to pay GBP50 million in compensation to customers under the scheme, after it sold loans without carrying out affordability checks. The loans were sold by Provident's consumer credit division, under brands including Satsuma Loans, Glo and Greenwood.

Customers are voting on whether to approve the scheme before a court hearing on July 30.

In a letter to the company, the regulator said that customers "stand to receive significantly less than the value of their claims" under the scheme. The FCA also said it was concerned about a low voting turnout of around 10% so far, and that Provident had not negotiated with customers.

But the FCA decided not to oppose the scheme in court as the consumer credit division would go insolvent if it does not proceed, and customers may not receive any compensation.

Shares in Provident were up 3.1% to 248.80 pence in London on Wednesday morning.

"We are committed to delivering the scheme successfully and the FCA deciding to not oppose the sanction of the scheme in court takes us one step closer to being able to do just that," Provident Chief Executive Malcolm Le May said.

A scheme of arrangement proposed by guarantor lender Amigo Holdings PLC, also in response to complaints of irresponsible lending, was rejected in court in May after the FCA opposed it.

Provident made amendments to its scheme following that ruling, including appointing a customer advocate to answer queries.

By Ivan Edwards; ivanedwards@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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1 Mar 2023 19:34

TOP NEWS: Moonpig drops out of FTSE 250, Provident Financial joins

(Alliance News) - FTSE Russell confirmed on Wednesday that the following changes will take effect to its UK indices from the market open on Monday, March 20, after completing its quarterly review.

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26 Jan 2023 17:08

LONDON MARKET CLOSE: Stocks up as US data boosts soft landing hopes

(Alliance News) - Stocks in London were higher at the close on Thursday following the release of improved economic data out of the US which suggested the world's largest economy may avoid an imminent recession.

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26 Jan 2023 12:32

Provident Financial CEO steps down, changes name, trading as expected

(Alliance News) - Provident Financial PLC on Thursday said that its chief executive officer is to step down, while its fourth quarter trading remains in line with market expectations.

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26 Jan 2023 10:48

Provident Financial breaks with history to change name, CEO to step down

(Sharecast News) - Provident Financial Group is to change its name after more than 140 years to Vanquis Banking Group, the subprime lender said on Thursday.

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26 Jan 2023 09:24

LONDON MARKET OPEN: Higher start; 3i Group rises on positive update

(Alliance News) - Stock prices in London opened higher in London on Thursday, following positive news for China about the Covid pandemic.

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26 Jan 2023 08:02

LONDON BRIEFING: Diageo half-year revenue climbs; Jet2 optimistic

(Alliance News) - Stocks in London opened higher on Thursday, following positive news from China about the spread of Covid-19.

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19 Jan 2023 15:43

UK earnings, trading statements calendar - next 7 days

Friday 20 January 
4imprint Group PLCTrading Statement
Close Brothers Group PLCTrading Statement
Goldplat PLCFull Year Results
Ninety One PLCTrading Statement
Workspace Group PLCTrading Statement
PensionBee Group PLCTrading Statement
TheWorks.co.uk PLCHalf Year Results
Monday 23 January 
Oxford Cannabinoid Technologies Holdings PLCHalf Year Results
Tritax Big Box REIT PLCTrading Statement
Tuesday 24 January 
Accrol Group Holdings PLCHalf Year Results
Associated British Foods PLCTrading Statement
Henry Boot PLCTrading Statement
Oxford BioDynamics PLCFull Year Results
Saga PLCTrading Statement
Staffline Group PLCTrading Statement
Sureserve Group PLCFull Year Results
Velocity Composites PLCFull Year Results
Wednesday 25 January 
CMC Markets PLCTrading Statement
Conduit Holdings LtdTrading Statement
easyJet PLCTrading Statement
Forterra PLCTrading Statement
Hargreaves Services PLCHalf Year Results
hVIVO PLCTrading Statement
JD Wetherspoon PLCTrading Statement
Keywords Studios PLCTrading Statement
Quilter PLCTrading Statement
Scancell Holdings PLCHalf Year Results
Tullow Oil PLCTrading Statement
Van Elle Holdings PLCHalf Year Results
Watkin Jones PLCFull Year Results
Thursday 26 January 
CVS Group PLCTrading Statement
Diageo PLCHalf Year Results
Eurocell PLCTrading Statement
Fevertree Drinks PLCTrading Statement
Foxtons Group PLCTrading Statement
Idox PLCFull Year Results
IG Group Holdings PLCHalf Year Results
Intermediate Capital Group PLCTrading Statement
Provident Financial PLCTrading Statement
Rank Group PLCHalf Year Results
Record PLCTrading Statement
Tate & Lyle PLCTrading Statement
TClarke PLCTrading Statement
Time Finance PLCHalf Year Results
Titon Holdings PLCFull Year Results
Wizz Air Holdings PLCQ3 Results
  
Copyright 2023 Alliance News Ltd. All Rights Reserved. 

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4 Nov 2022 20:38

TRADING UPDATES: SigmaRoc files patent; Griffin restarts operations

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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20 Oct 2022 09:35

LONDON BROKER RATINGS: DB cuts most housebuilders but raises Bellway

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

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19 Oct 2022 12:26

Provident Financial to maintain prudent risk approach for rest of year

(Alliance News) - Provident Financial PLC on Wednesday said it is on track to meet market expectations for 2022 as it said it continued to focus on cost control after performing in line third quarter with management expectations.

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19 Oct 2022 10:59

SMALL-CAP WINNERS & LOSERS: Pollen Street rises; Metro Bank cut

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.

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19 Oct 2022 09:43

LONDON BROKER RATINGS: HSBC lifts Marston's; Barclays cuts Flutter

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

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19 Oct 2022 08:50

Provident Financial 'on track' to meet full-year forecasts

(Sharecast News) - Provident Financial said it remained on track to meet full-year forecasts on Wednesday, despite the "challenging" macroeconomic backdrop.

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15 Sep 2022 15:57

UK dividends calendar - next 7 days

Friday 16 September 
4imprint Group PLCdividend payment date
abrdn Asia Focus PLCdividend payment date
Baillie Gifford UK Growth Trust PLCdividend payment date
Barclays PLCdividend payment date
Clarkson PLCdividend payment date
Currys PLCdividend payment date
Halfords Group PLCdividend payment date
IMI PLCdividend payment date
LSL Property Services PLCdividend payment date
Montanaro European Smaller Companies Trust PLCdividend payment date
NatWest Group PLCdividend payment date
NatWest Group PLCspecial dividend date
Pershing Square Holdings Ltddividend payment date
Redcentric PLCdividend payment date
Spirent Communications PLCdividend payment date
TI Fluid Systems PLCdividend payment date
Vesuvius PLCdividend payment date
VH Global Sustainable Energy Opportunities PLCdividend payment date
Witan Investment Trust PLCdividend payment date
Monday 19 September 
no events scheduled 
Tuesday 20 September 
Capital & Counties Properties PLCdividend payment date
Hikma Pharmaceuticals PLCdividend payment date
Hiscox Ltddividend payment date
IP Group PLCdividend payment date
London Stock Exchange Group PLCdividend payment date
Quilter PLCdividend payment date
Scottish American Investment Company PLCdividend payment date
Wednesday 21 September 
OSB Group PLCdividend payment date
Domino's Pizza Group PLCdividend payment date
Thursday 22 September 
abrdn Equity Income Trust PLCdividend payment date
abrdn Private Equity Opportunities Trust PLCex-dividend date
BlackRock Energy & Resources Income Trust PLCex-dividend date
Brooks Macdonald Group PLCex-dividend date
Chelverton UK Dividend Trust PLCex-dividend date
Crest Nicholson Holdings PLCex-dividend date
Essentra PLCex-dividend date
Fidelity European Trust PLCex-dividend date
Forterra PLCex-dividend date
FRP Advisory Group PLCex-dividend date
Gamma Communications PLCex-dividend date
Gateley Holdings PLCex-dividend date
Glencore PLCdividend payment date
Hargreaves Lansdown PLCex-dividend date
Harworth Group PLCex-dividend date
HgCapital Trust PLCex-dividend date
IG Group Holdings PLCex-dividend date
JTC PLCex-dividend date
Kenmare Resources PLCex-dividend date
Mattioli Woods PLCex-dividend date
Mid Wynd International Investment Trust PLCex-dividend date
Old Mutual Ltdex-dividend date
Palace Capital PLCex-dividend date
Provident Financial PLCdividend payment date
Redrow PLCex-dividend date
Rio Tinto PLCdividend payment date
Sabre Insurance Group PLCdividend payment date
SSE PLCdividend payment date
STV Group PLCex-dividend date
TT Electronics PLCex-dividend date
Videndum PCCex-dividend date
Walker Crips Group PLCex-dividend date
XPS Pensions Group PLCdividend payment date
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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31 Aug 2022 20:31

TOP NEWS: ConvaTec to join FTSE 100 as abrdn vacates spot

(Alliance News) - FTSE Russell confirmed on Wednesday that the following changes will take effect to its UK indices from the market open on Monday, September 19 after completing its quarterly review.

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