Investigation into credit card plan revealed
The Financial Conduct Authority (FCA) is investigating a product offered by Provident Financial's credit card business, Vanquis Bank.
The industry watchdog is examining Vanquis's repayment option plan (ROP) over a two-year period up to April 2016.
The plan, which generates about £70m per year for Vanquis, allows customers to take a payment holiday or freeze their accounts without impacting on their credit rating.
Vanquis entered into a "voluntary requirement" to suspend all new sales of the ROP after the FCA raised its conce... 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...
