Provident Financial CCD Authorised by the FCA

Provident Financial Consumer Credit Division Authorised by the FCA

The Financial Conduct Authority (FCA) has informed Provident Financial plc today that its Home Credit and Satsuma businesses have been fully authorised.

Malcolm Le May, Chief Executive Officer of Provident Financial plc said:

"This is excellent news for our customers and testament to the improvements achieved in Home Credit during the past year from an operational and regulatory perspective. Under new leadership, Home Credit has successfully implemented a new operating model, delivering improved oversight and control over field activity and customer outcomes.

"Authorisation would not have been achieved without the hard work of Chris Gillespie, MD Consumer Credit Division, his senior leadership team and all their colleagues who at head office and in the field embraced change resulting in better outcomes for customers.

"Home Credit, Satsuma and the rest of the group will continue to work in partnership with the FCA to ensure we have viable businesses operating to the highest regulatory standards in the sector. Now that the authorisation process is concluded, the business intends to progress discussions with the FCA regarding the implementation of enhanced performance management of its Customer Experience Managers based upon a balanced scorecard approach and some element of variable related pay.

"I look forward to continue working with Chris and his team as we develop and grow Home Credit and Satsuma, so not only will we be the biggest provider of home credit in the market, but also the best for customer outcomes and service."

 Inside Information

This announcement is being disclosed in accordance with the Market Abuse Regulation (EU596/2014) and has been determined to contain inside information in line with the definition therein.

Notes to Editors

1.    Provident Financial plc is the leading provider of credit products to those consumers who are not well served by mainstream lenders. The group serves 2.5 million customers and its operations consist of Vanquis Bank, the Consumer Credit Division (CCD) comprising Home Credit and Satsuma, and Moneybarn.