Member Info for Standanddeliver

My old user name was TheProviVan.

I haven't put a post on here for some time, so I think it's time to update things. On 16th May 2023 I posted the comparison between IPF/Vanquis and that post was proven to be spot on. I don't consider that situation has changed much. PFG changed their name to Vanquis Bank and that doesn't mean their business is now in banking. They're still predominately a finance business. I have said many times that Vanquis has a problem with their credit card business and that still stands today. Vanquis card is the bread and butter bulk of their business and they are finding it difficult to grow. In fact the customer growth has been reducing over a few years now. They can say how many new customers they have put on but how many of those new customers actually use the card and each year the dead wood customers are growing. In other words the customer base taking off the dead wood has been decreasing year on year.

IPF is in a totally different situation and has a much greater potential to grow. Whereas Vanquis has been detracting IPF is expanding. The main areas that IPF needs to concentrate on is arrears, by keeping it under control and also grow the customer base in Mexico to exceed any customer loss in Poland. If they get the balance right, I cannot see any reason why IPF will not out perform Vanquis. Profit is one thing but without customer growth any business will gradually decline. I hope Vanquis can succeed in growing the business to an acceptable level but it's going to take at least two years IMO.

I have worked all my life in finance and assurance. The FCA or should I call them the FuCuArs. They have successfully managed to close companies down and bring others to their knees. They're supposed to protect the public and also a cash cow in issuing huge fines to companies. The best way to explain how they operate and set companies up, to fine them later and obtain the most complaints and maximum fines. An open fire and a child. The child getting burnt is a no no. Therefore, a fireguard must be in place under compliance regulations. The FCA agree a guard in place is compliant. A spark shoots out from the fire and burns the child. The FCA now investigate and say the fireguard wasn't compliant.

This is from the FCA web page

Press Releases First published: 15/10/2019 Last updated: 15/10/2019

The Financial Conduct Authority (FCA) has today announced plans to ban the way in which some car retailers, and other brokers in the motor finance sector, receive commission.

Currently, some motor finance brokers receive commission which is linked to the interest rate that customers pay. The broker can set that rate and the FCA found that the widespread use of this type of commission creates an incentive for brokers to act against customers’ interests. The FCA estimates the changes would save customers £165 million a year.

Preventing the use of this type of commission would remove the financial incentive for brokers to increase the interest rate that a customer pays and give lenders more control over the prices customers pay for their motor finance.

Christopher Woolard, Executive Director of Strategy and Competition at the FCA said:

‘We have seen evidence that customers are losing out due to the way in which some lenders are rewarding those who sell motor finance. By banning this type of commission, we believe we will see increased competition in the market which will ultimately save customers money.’

The FCA is also proposing to make changes to the way in which customers are told about the commission they are paying to ensure that they receive more relevant information. These changes would apply to many types of credit brokers and not just those selling motor finance.

The FCA is consulting on the new rules until 15 January 2020 and plans to publish final rules later in 2020.

"We have seen evidence" They knew in October 2019 that this was a non compliant issue and yet they never investigated how widespread it was until now. Why?

The broker can effectively set the interest rate and the FCA found that the widespread use of this type of commission creates an incentive for brokers to act against customers’ interests.”

Commission hasn’t been banned though, and under the new rules finance commission and how it affects the amount payable by the customer must be disclosed, and the amount must be confirmed if the customer asks. How is this compliant? It should be in writing, regardless if the customer asks or doesn't ask and should be sig