Manx Financial Group PLC MFX ENTERS THE SME DEBT MANAGEMENT MARKET (7819A)

TIDMMFX

RNS Number : 7819A

Manx Financial Group PLC

04 June 2021

FOR IMMEDIATE RELEASE 4(th) June 2021

Manx Financial Group PLC (the "Company")

MANX FINANCIAL GROUP PLC ENTERS THE SME DEBT MANAGEMENT MARKET

Manx Financial Group PLC (LSE: MFX), the financial services group, announces that it has obtained a Variation of Permissions from the Financial Conduct Authority ("FCA") for its wholly owned subsidiary, Manx Collections Limited ("MCL"), to manage and collect debt on behalf of third-party lenders operating in the UK.

The Group remains committed to UK lending, both regulated and unregulated and, as such, sees an opportunity to capitalise upon its existing successful infrastructure and compliance resource to service debt recovery. MCL will operate in accordance with best practice on behalf of those lenders who do not wish to manage the process for themselves. By implementing compliant and structured debt settlement programs, MCL anticipates funders will be able to continue lending to companies strong underlying fundamentals but are currently at risk or default while their businesses recover and adapt to a post-COVID world.

Douglas Grant, Executive Director of MCL, commented:

"As the SME debt burden continues to grow, an increasing number of vulnerable companies are liable to default on their loan obligations. It is imperative that lenders do not compound this cycle by only supporting sectors and businesses that are resilient and have been agile enough to already adapt to the new economy. The FCA's approval allows MCL to work with businesses facing problems using debt adjusting and debt counselling permissions to review and restructure exposures. We believe these permissions will assist others in ensuring that debt is managed in line with good conduct and Treating Customers Fairly principles."

 
 For further information, please 
  contact: 
 Manx Financial Group PLC 
  Denham Eke, Chief Executive 
  Tel [phone] 
 Beaumont Cornish Limited 
  Roland Cornish/James Biddle 
  Tel [phone] 
 
              Greentarget Limited 
              Dafina Grapci- Penney 
              Tel [phone] 
 

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June 04, 2021 02:00 ET (06:00 GMT)