3 Aug 2020 07:00
Non-Standard Finance plc
('NSF', the 'Company' or the 'Group')
FCA review
3 August 2020
NSF announces that it has been informed by the Financial Conduct Authority ('FCA') that, following a visit to the Group's Guarantor Loans Division in March 2020 as part of a multi-firm review into the sector and having examined a selection of customer files, it has raised a number of concerns regarding certain aspects of the operating procedures and processes at the Division.
NSF is now conducting an in-depth review, working closely with the FCA, to clarify the scope and scale of its concerns and to develop a possible redress methodology and will make a further announcement in due course.
Pending the outcome of this review, the Group's consideration of a possible equity issue has been put on hold for the time being. Alchemy, the Group's largest shareholder, who was supportive of the proposed capital raise, has confirmed that it remains supportive of providing further capital to the Group and is engaging with the Board in this regard.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person responsible for arranging the release of this announcement on behalf of Non-Standard Finance plc is Peter Reynolds, Director of IR and Communications.
For more information:
Non-Standard Finance plc Peter Reynolds, Director, IR and Communications | +44 (0) 20 3869 9026 |
Maitland/AMO Neil Bennett Andy Donald Finlay Donaldson | +44 (0) 207 379 5151
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