Vanquis - Moneybarn, was unaffected by the FCA probe15 Mar 2024 13:45
Vanquis said in January that its motor finance arm, Moneybarn, was unaffected by the FCA probe since it has never offered variable commissions.
Later this month, the company plans to launch a strategy to return RoTE levels to mid-teens from 2026 through a return to 'sustainable income growth.'
On Monday, it warned that measures to overhaul its products and pricing would cause full-year income to be 'materially lower' than the £538.3million estimated by analysts.
Ian McLaughlin, chief executive of Vanquis, said: 'We have short-term challenges to address but remain confident that the group's new strategy will deliver good outcomes for our customers and attractive and sustainable returns for our shareholders over the medium and longer term.'