IN BRIEF: Provident amends scheme of arrangement after Amigo ruling

Tue, 22nd Jun 2021 06:59

Provident Financial PLC - Bradford-based subprime lender - On Monday announces amendments to its consumer credit division scheme of arrangement to pay compensation to customers. The scheme will now have a customer advocate. In the "highly unlikely" event that the division generates surplus cash before it is wound down, the surplus will be paid to customers.

Provident says it made the changes following the judgement against Amigo Holdings PLC's scheme of arrangement.

Current stock price: 210.60 pence

Year-to-date change: down 31%

By Ivan Edwards; ivanedwards@alliancenews.com

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