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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Morses Club Plc | LSE:MCL | London | Ordinary Share | GB00BZ6C4F71 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.21 | 0.20 | 0.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMCL
Morses Club PLC
29 May 2018
29 May 2018
Morses Club PLC
Paul Smith appointment to FCA Smaller Business Practitioner Panel
Morses Club PLC ("the Company", "Morses Club" or "the Group"), the UK's second largest home collected credit ("HCC") lender, welcomes the FCA Board's appointment of Paul Smith, Morses Club's CEO, to the Smaller Business Practitioner Panel to represent the consumer credit sector, with effect from 1 May 2018.
Paul joins a panel of 15 senior practitioners to represent the interests of small and medium size firms across the range of FCA-regulated activities, with panel members recruited to represent both their own sector and the industry as a whole. Its key remit is to provide input to the FCA from the industry in order to help it in meeting its statutory and operational objectives from a smaller business standpoint.
Commenting on his appointment, Paul Smith, Chief Executive Officer of Morses Club, said:
"I am delighted and honoured to have been appointed to the Smaller Business Practitioner Panel to represent the consumer credit industry. The Panel plays a vital role in representing the interests of smaller firms in the industry with the FCA and I look forward representing the interests of the Home Collect Credit sector, the needs of their customers and the wider non-standard finance sector".
More information on the role of the FCA Smaller Business Practitioner Panel can be found at www.fca-sbpp.org.uk
For further information please contact:
Morses Club PLC Tel: +44 (0) 330 045 0719 Paul Smith, Chief Executive Officer Andy Thomson, Chief Financial Officer Camarco Tel: +44 (0) 20 3757 4984 Ed Gascoigne-Pees Jennifer Renwick Kimberley Taylor
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC) lender with 229,000 customers and 2,030 agents across 98 locations throughout the UK.
The Company offers a range of loan products to its customers through its extensive self-employed agent network. The majority of the Company's borrowers are repeat customers and the Company enjoys consistently high customer satisfaction with scores of 95% or above.
The Company is using technology to broaden its offering and provide new products to ensure customers can access credit with the flexibility they require. In April 2016, its cashless lending product, the Morses Club Card, was introduced, enabling its customers to buy online as well as on the high street. Dot Dot Loans, the Company's first online instalment product, was launched in March 2017.
Morses Club successfully listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset, consists of both secured and unsecured lending and is estimated to comprise around 10 million consumers.
Non-standard credit is the provision of secured and unsecured credit to consumers other than through mainstream lenders. Lenders providing non-standard credit principally lend on an unsecured basis and the market is characterised by high frequency borrowing.
Since February 2014, unsecured personal lending has grown from GBP161 billion to GBP209 billion in February 2018(1) .
(1) Source : Table J Bank of England Money & Credit Report February 2018
About UK Home Collected Credit
UK HCC is considered to be a specialised segment of the broader UK non-standard credit market. UK HCC loans are typically small, unsecured cash loans delivered directly to customers' homes. Repayments are collected in person during weekly follow-up visits to customers' homes.
UK HCC is considered to be stable and well-established, with approximately 1.6 million(2) people using the services of UK HCC lenders.
(2) High Cost Credit Review ANNEX 1 - July 2017
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
May 29, 2018 04:00 ET (08:00 GMT)
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