Prov­i­dent gains au­tho­ri­sa­tion for HomeCredit and Sat­suma

Yorkshire Post - - MONEY -

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

Mal­colm Le May, chief ex­ec­u­tive of the Brad­ford-based firm, said this is ex­cel­lent news for cus­tomers and a 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,” he said.

“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.”

He said that Home Credit, Sat­suma and the rest of the group will work in part­ner­ship with the FCA to en­sure they 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,” he added.

“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.”

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

Last week, Prov­i­dent an­nounced that Chris Sweeney, man­ag­ing di­rec­tor of Van­quis Bank, is step­ping down from his role, but will re­main em­ployed un­til the end of April 2019 to as­sist with an or­derly tran­si­tion.

Mr Le May has be­come man­ag­ing di­rec­tor of Van­quis Bank on an in­terim ba­sis. The search for Mr Sweeney’s suc­ces­sor has al­ready started.

The recog­ni­tion is a boost for the lender.

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