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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Non-standard Finance Plc | LSE:NSF | London | Ordinary Share | GB00BRJ6JV17 | ORD GBP0.05 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.04 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNSF
RNS Number : 4176Q
Non-Standard Finance PLC
29 November 2016
Non-Standard Finance plc
('Non-Standard Finance', the 'Company" or the 'Group')
FCA review of high-cost credit and overdrafts
29 November 2016
The Board of NSF has noted this morning's announcement that the FCA is inviting further evidence and feedback regarding high-cost credit, including a review of the payday loan price cap that was introduced in 2014.
Commenting on today's announcement, John Van Kuffeler, Chairman of NSF said:
"We welcome the FCA's review and will fully engage with it. The sustainability of our sector depends upon a regulatory framework that fosters high quality, well-capitalised businesses whose culture is focused on delivering positive outcomes for customers. We also welcome the FCA's caution regarding the possible unintended consequences of pushing operators too far so that the regulations 'choke off the supply of lending' and effectively force consumers to seek alternative, unregulated sources of credit."
- Ends -
For more information:
Non-Standard Finance plc Peter Reynolds, Director, IR and +44 (0) 20 3869 Communications 9026 Bell Pottinger Olly Scott Aarti Iyer +44 (0) 20 3772 Molly Stewart 2500
About Non-Standard Finance
Non-Standard Finance plc was established to acquire and grow businesses in the UK's non-standard consumer finance sector. Under the direction of its highly experienced main board, the Company has now established a sustainable group of businesses offering credit to the c.12 million UK adults who are not served by mainstream financial institutions. In addition, the businesses acquired now have access to increased levels of funding and have benefited from stronger management controls with more rigorous credit standards; have refined their product pricing in a number of areas; have introduced new compliance protocols; and are investing in new IT infrastructure and systems. These changes have been implemented to balance the delivery of improved customer outcomes with the delivery of substantial returns for shareholders.
The Company announced on 7 July 2015 that it had entered into an agreement to acquire the Home Credit Division of S&U plc ('S&U') which trades as Loans at Home, for an enterprise value of GBP82.5m, payable in cash, subject to approval by S&U's shareholders and customary closing conditions. The acquisition completed on 4 August 2015 following approval by S&U's shareholders with the final consideration equalling GBP82.4m after an adjustment for net assets at completion.
On 4 December 2015 the Company announced that it had entered into an agreement to acquire Everyday Loans, the branch-based unsecured lending and guaranteed loans business of Secure Trust Bank PLC, for an enterprise value of GBP235m. The acquisition, that was funded through a combination of new equity and debt facilities completed on 13 April 2016, following change of control approval from the FCA.
In the year ended 31 December 2015, the Group's businesses generated pro forma revenue of approximately GBP80m and pro forma adjusted profit before tax of approximately GBP16m. As at 31 December 2015 the Group's businesses had a combined loan book of approximately GBP143m.
Each of the Group's operating subsidiaries is regulated by the FCA.
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
November 29, 2016 03:58 ET (08:58 GMT)
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