Provident Financial plc is an English sub-prime lender, also described as a "leading lender", based in Bradford, West Yorkshire. It specializes in credit cards, collected home loans (HCC), online loans and consumer car financing. It is listed on the London Stock Exchange and is a constituency of the FTSE 250 Index.
Video Provident Financial
Histori
The company was founded in Bradford in 1880 by Joshua Kelley Waddilove to provide affordable credit for families in West Yorkshire. The company was first listed on the London Stock Exchange in 1962.
In 2002, Provident Financial established Vanquis Bank Limited, with full banking license from the FSA, a consumer credit license with Office of Fair Trading and a license from VISA International to operate and issue Visa credit cards. Vanquis Bank Limited specializes in pre-paid credit cards.
In 2005, the company closed its Yes Car Credit business, which sold used vehicles to customers with a troubled credit history. The company has been plagued by bad publicity, including a TV investigation of its sales practices, staff pressure, unreliable vehicles, and debt collection methods. In 2007, he abolished his international business, and a newly formed public company was formed called International Personal Finance. The company now holds all Ex-non-English Provident Financial operations, with the exception of the Republic of Ireland. It also sells motor insurance business.
In 2011, Vanquis was criticized for offering a Refund Option to their credit card customers, a form of insurance for several consumer sites called 'new Payment Protection Insurance (PPI)'. In 2012, the company became the subject of an episode of the BBC documentary series Panorama , alleging that the company violated the Fair Trade Commission's guidelines by offering loans to vulnerable people who may not understand the implications of the contract which they enter. The program features two examples of people with major mental illnesses, including a woman diagnosed with schizophrenia who lent several thousand pounds. The company was criticized by the Bureau of Citizens Advice, whose chief executive said Panorama , "I question... the motivation to continue exploiting people who obviously can not be held accountable for their own decisions in that situation."
In 2013, Provident launched its short-term loan online Satsuma Loans.
In 2014, Moneybarn was acquired by Provident Financial plc, joining home mortgage and online credit business and Vanquis Bank to become the third leg of the group.
The Central Bank of Ireland at the end of 2014 fined and reprimanded the Provident for a striking violation of regulatory requirements aimed at protecting Irish consumers. The five whistleblowers who reported breaking the law were later fired by the Provident, which caused the problem raised in DÃÆ'¡il ÃÆ'â € ireann.
On 22 August 2017, Provident Financial lost two-thirds of its shares in a day, after a second profit warning in two months, the replacement of its chief executive by Manjit Wolstenholme, the cancellation of shareholder dividends and warnings that the dividends of the year may also be canceled, and the announcement of investigations by Financial Behavior Authority. The stock price, which has reached £ 32 in April 2017, is Ã, Â £ 8.50 in the first week of October 2017.
Maps Provident Financial
Operation
In the UK, Provident Financial Trading with a number of different brands, including Vanquis for credit cards, Personal Loans Provident for home mortgage operations, Satsuma for online mortgage loans, Glo for guarantor loans and Moneybarn for its vehicle financing operations. The home loan operations are based at the headquarters building at Godwin Street in Bradford, London-based Vanquis Bank with a specially built location located in Chatham, Kent and Moneybarn based in Petersfield, Hampshire.
Business home loan companies lend to people in their homes through a network of local agents. Of the approximately three million people who borrow from home mortgage providers, one million put their businesses with Provident home loans, giving the company about 60% market share in 2013.
References
External links
- Provident Financial - Official site
Source of the article : Wikipedia
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