Provident Financial’s “quadruple whammy” puts lender into freefall
Specialist lender Provident Financial is in crisis today after revealing its home credit division is expected to lose up to £120m this year.
The group also admitted the Financial Conduct Authority was investigating a product sold by its credit card business, Vanquis Bank, which generates revenues of £70m a year. In response, it has withdrawn the interim dividend it announced last month.
Chief executive Peter Crook, who last year earned £6.3m, has quit with immediate effect with Manjit Wolstenholme changing her role to executi... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...