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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 | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.0% | 0.04 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 0.04 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 08/8/2023 | 07:14 | UKREG | Non-Standard Finance PLC De-listing and Cancellation of Trading |
| 08/8/2023 | 07:00 | UKREG | Official List Removal - Non-Standard Finance Plc |
| 10/7/2023 | 13:21 | ALNC |  Non-Standard Finance business transfers to new firm owned by lenders |
| 10/7/2023 | 06:00 | UKREG | Non-Standard Finance PLC Notice of Delisting |
| 07/7/2023 | 07:06 | UKREG | Non-Standard Finance PLC Suspension of Trading in Ordinary Shares |
| 05/7/2023 | 15:40 | ALNC | IN BRIEF: Non-Standard Finance continues progress to orderly wind down |
| 05/7/2023 | 14:18 | UKREG | Non-Standard Finance PLC Update on Delisting and Suspension of Shares |
| 23/6/2023 | 13:51 | UKREG | Non-Standard Finance PLC Filing of Annual General Meeting Resolutions |
| 23/6/2023 | 13:49 | UKREG | Non-Standard Finance PLC Result of AGM |
| 23/6/2023 | 09:02 | ALNC | Non-Standard Finance slides as shareholders to be wiped out |
Non-standard Finance (NSF) Share Charts1 Year Non-standard Finance Chart |
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1 Month Non-standard Finance Chart |
Intraday Non-standard Finance Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 08/8/2023 | 07:34 | Non-standard Finance | 5,377 |
| 20/11/2020 | 15:15 | Nsf a strong buy? | 143 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 26/6/2023 21:28 by silverstone1 I BOUGHT BACK AT 0.5P BEFORE NSF FINALLY CEASE TRADING!😂 |
Posted at 25/6/2023 13:41 by marmar80 I've had a good run here from 3 to 6p. Reentered recently as a pure gamble. No drama, but surprised they have not given any chance for the share price to recover with a mix of news about scheme approval and rights issue details to be announced in the future. Kind of wasted chance on their side imo. Have you already closed your short here? |
Posted at 23/6/2023 06:30 by marmar80 This route after Scheme approval was never in any RNS. Lost a bit here as expected participation in the rights issue.Today was a chance for the share price to recover dramatically if the news were: scheme approved, rights issue for security holders on the way, details soon. |
Posted at 21/6/2023 13:28 by marmar80 Amigo is flying again, this share needs to wake up!Mcap here 0.51M |
Posted at 13/6/2023 00:42 by marmar80 Amigo not bad |
Posted at 09/6/2023 14:35 by marmar80 Nice price action with Amigo today. Here the board is quiet. Two options gave up or up to something. |
Posted at 09/6/2023 11:12 by jameshendrix2023 Its is up 100%Amgo is up 100%Leaves NSF which isnt doing much |
Posted at 01/4/2022 13:11 by silverstone1 AJ91, YOU SHOULD BE A PROFESSIONAL COMEDIAN BECAUSE HOW CAN YOU BE MAKING LIFE-CHANGING PROFITS FROM NSF, WITH THE SHARE PRICE NEAR IT'S ALL-TIME LOW, UNLESS YOU FOLLOWED MY ADVICE AND SOLD SHORT AT 30P OR ARE YOU HOLDING YOUR GRAPH UPSIDEDOWN?😂 |
Posted at 26/1/2022 17:49 by superiorshares Silverstone who knows?.But the Share price will fall to reflect any impending fundraising. So we should be looking at a share price around the 1 pence mark |
Posted at 28/9/2021 06:03 by david gruen Non-Standard Finance plc('Non-Standard Finance', 'NSF', the 'Company' or the 'Group') Unaudited Half Year Results to 30 June 2021 28 September 2021 Key points -- The Group is continuing its discussions with the FCA regarding its redress programme for guarantor loans customers at an estimated total cost of GBP16.9m that has already been provided for in the Group's balance sheet -- The independent regulatory reviews of both branch-based lending and home credit are ongoing -- Plans for a substantial capital raise ('the Capital Raise') remain subject to, inter alia, the satisfactory completion of the independent regulatory reviews; the continued support of Alchemy and other key shareholders as well as the Group's lenders -- In the absence of the Capital Raise, the Group remains balance sheet insolvent and the Group's ability to remain a going concern is subject to material uncertainties, but the Directors continue to believe there is a good prospect of resolving this position -- The Group's performance in the first half was better than expected and current trading is also encouraging: o Branch-based lending: normalised pre-tax profit of GBP2.1m (2020: GBP0.9m) with promising levels of loans issued and impairment at historically low levels; o Home credit: normalised pre-tax profit of GBP1.0m (2020: GBP2.2m) with steady growth in customer numbers and impairment at record lows as the quality of our customer base has improved; and o Guarantor loans: reduced normalised pre-tax loss of GBP1.9m (2020: loss of GBP9.2m) thanks to a collections performance that exceeded expectations and a marked reduction in impairment -- Normalised revenue(1) down 26% to GBP67.8m (2020: GBP92.2m); reported revenue of GBP67.8m (2020: GBP91.2m) -- Normalised operating profit(1) increased by 87% to GBP9.4m (2020: GBP5.0m); reported operating profit of GBP7.4m (2020: operating loss of GBP12.3m) -- Normalised loss before tax(1) of GBP3.5m (2020: normalised loss before tax of GBP9.9m) -- Exceptional charge of GBP4.0m (2020: GBP91.3m) includes a small increased provision for redress in guarantor loans and costs associated with the Capital Raise resulting in a much reduced reported loss before tax(2) of GBP7.5m (2020: reported loss of GBP102.7m) -- No half year dividend per share is being declared (2020: 0.0p per share). -- At 30 June 2021 the Group had cash balances of GBP103.7m (2020: GBP75.7m), gross borrowing of GBP330.0m (2020: GBP345.0m) -- After careful consideration, and despite the presence of a number of material uncertainties as detailed in note 1 to the financial statements, the Board has concluded that it remains appropriate to continue to adopt the going concern basis of accounting. The Group has remained within its financial covenants to date -- Current trading and outlook: all three divisions are trading ahead of budget and the Group remains confident of being able to complete the Capital Raise that will fund customer redress, strengthen the balance sheet and provide funding for future growth Financial summary 6 months to 30 June 2021 2020 % change GBP'000 GBP'000 -------------------- Normalised revenue(1) 67,842 92,223 -26% Reported revenue 67,842 91,252 -26% Normalised operating profit(1) 9,385 5,016 87% Reported operating profit/(loss) 7,467 (12,307) -161% Normalised (loss)/profit before tax(1) (3,510) (9,896) 65% Reported loss before tax(2) (7,535) (102,749) 93% Normalised (loss) / earnings per share(3) (1.12)p (2.55)p 56% Reported loss per share (2.41)p (32.77)p 93% Half year dividend per share Nil Nil n/a ==================== (1) Normalised figures are before fair value adjustments, amortisation of acquired intangibles and exceptional items. Operating profit/(loss) is before finance costs. See glossary of alternative performance measures and key performance indicators in the Appendix. (2) After fair value adjustments, amortisation of acquired intangible assets and exceptional costs. (3) Normalised loss per share in 2021 is calculated as normalised loss after tax of GBP3.510m divided by the weighted average number of shares of 312,437,422. The normalised earnings per share in 2020 is calculated as normalised profit after tax of GBP7.952m, divided by the weighted average number of shares of 312,437,422. Jono Gillespie, Group Chief Executive Officer, said "The Group delivered a strong operational performance in the first half and both branch-based lending and home credit enjoyed a much improved financial result versus the prior year that was severely impacted by the pandemic. "When Non-Standard Finance was founded in 2015 it had one main purpose and belief: that people on low incomes or with a poor credit history deserve access to credit they can afford, provided in a transparent, effective and efficient way that takes account of their needs and individual circumstances. Since then, we have provided credit to more than 428,000 customers, helping them to manage the peaks and troughs in their expenditure, often when they had few other places to turn to. "Today there are more than 10 million people in Britain whose financial circumstances mean that they are effectively excluded from mainstream credit but whose financial needs - whether to repair a car or buy a new washing machine - still need to be addressed. It is also clear that in the past two years the landscape has changed, prompting the exit of a number of leading companies that have either quit the sector altogether or have severely curtailed their activities, leaving many consumers with even fewer options to access regulated credit. "After a great deal of work over the past year and despite the challenges presented by the pandemic and a complex regulatory landscape, we are determined to continue to deliver on our original purpose. We are progressing our discussions with the FCA and hope to reach a conclusion soon. While this work is ongoing, the Group has concluded that an additional exceptional provision of GBP1.9m is required to cover expected costs of redress due to customers that may have suffered harm. The methodology of this estimate remains unchanged, but the amount has increased due to the continued accrual of estimated penalty interest. "As soon as we are able to resolve the Group's outstanding regulatory issues, we are focused on executing a substantial capital raise of around GBP80m that will be used to both fund the payment of redress as well as strengthen significantly the Group's balance sheet, underpinning our return to profitable growth." The tables below provide an analysis of the normalised results (excluding fair value adjustments, amortisation of acquired intangibles and exceptional items) for the Group for the six month period to 30 June 2021 and 30 June 2020 respectively. 6 months to 30 June Branch-based Guarantor Home credit Central NSF plc 2021 lending loans costs Normalised(4) GBP000 GBP000 GBP000 GBP000 GBP000 -------------------- Revenue 39,443 10,380 18,019 - 67,842 Other operating income 237 1 607 8 853 Modification loss (1,306) (1,904) - - (3,210) Derecognition (loss) gain (1,621) 130 - - (1,491) Impairments (4,041) (984) (1,419) - (6,444) Admin expenses (23,200) (6,870) (15,752) (2,343) (48,165) Operating profit (loss) 9,512 753 1,455 (2,335) 9,385 Net finance cost (7,367) (2,611) (486) (2,431) (12,895) ------------- ---------- ------------ --------- ---------- Profit (loss) before tax 2,145 (1,858) 969 (4,766) (3,510) ------------- ---------- ------------ --------- ---------- 6 months to 30 June Branch-based Guarantor Home credit Central NSF plc 2020 lending loans costs Normalised(4) GBP000 GBP000 GBP000 GBP000 GBP000 -------------------- Revenue 47,914 17,032 27,277 - 92,223 Other operating income 888 - - - 888 Modification loss (638) (58) - - (696) Derecognition gain 192 494 - - 686 Impairments (15,593) (15,727) (7,927) - (39,247) Admin expenses (22,238) (7,114) (16,382) (3,104) (48,838) Operating profit (loss) 10,525 (5,373) 2,968 (3,104) 5,016 Net finance cost (9,603) (3,871) (774) (664) (14,912) ------------- ---------- ------------ --------- ---------- Profit (loss) before tax 922 (9,244) 2,194 (3,768) (9,896) ------------- ---------- ------------ --------- ---------- (4) Excludes fair value adjustments, amortisation of acquired intangibles and exceptional items Given the significant reduction in lending that took place during 2020, combined with a healthy collections performance during the second half of 2020 and into 2021, the combined net loan book before fair value adjustments reduced by 23% versus 2020 as summarised in the table below: Reconciliation of 2021 2021 2021 2020 2020 2020 net loan book Normalised Fair value Reported Normalised Fair value Reported adjustments adjustments GBPm GBPm GBPm GBPm GBPm GBPm -------------------- Branch-based lending 163.8 - 163.8 187.7 - 187.7 Guarantor loans 41.4 - 41.4 87.6 0.4 88.0 Home credit 24.3 - 24.3 24.3 - 24.3 ------------ ------------- ---------- ------------ ------------- ---------- Total 229.5 - 229.5 299.6 0.4 300.0 ==================== Context for the results The 2021 reported results include exceptional items whilst the 2020 reported results include fair value adjustments, amortisation of acquired intangibles and exceptional items. Exceptional items in 2021 include an additional provision for customer redress of GBP1.9m, advisory fees in connection with the Group's proposed capital raise of GBP1.6m and restructuring costs of GBP0.5m. Exceptional items in 2020 include the write down of certain intangible assets and all goodwill assets and a provision for customer redress of GBP15.8m. Investor presentation and dial-in details There will be an investor presentation at 1.00pm on 28 September 2021. The meeting will be broadcast via webcast and conference call. To watch the live webcast, please register for access by visiting the Group's website www.nsfgroupplc.com . For those unable to access the web, details of a dial-in facility are given below. A copy of the webcast and slide presentation given at the meeting will be available on the Group's website later today. Dial-in details to listen to the analyst presentation at 1.00 pm, 28 September 2021 12.50 pm Please call +44 (0)330 336 9125 Access code 1882529 1.00 pm Meeting starts All times are British Summer Time. For more information: Non-Standard Finance plc Jono Gillespie, Group Chief Executive Officer +44 (0) 20 3869 Peter Reynolds, Director, IR and Communications 9020 Maitland/AMO Neil Bennett +44 (0) 20 7379 Finlay Donaldson 5151 The non-standard consumer finance market The non-standard consumer finance market represents a significant segment of the UK's retail financial services sector. It provides credit to consumers that either fail to meet the lending requirements of high street financial institutions or that choose not to borrow from them. These consumers represent approximately a third of the UK's adult population and include those that have no credit history, low credit status or are credit impaired. A well-regulated, trusted and sustainable credit sector is imperative to these consumers, particularly in the current economic climate. Between March and October 2020, the FCA found, that due to the impact of the pandemic there are now over 14 million people in the UK with low financial resilience. Focused on face-to-face lending through both branch-based lending and home credit, NSF's businesses are focused on serving the needs of these sub-prime borrowers for whom access to appropriate financial services can be important in helping them manage the peaks and troughs of their income and expenditure. About Non-Standard Finance Non-Standard Finance plc is listed on the main market of the London Stock Exchange (ticker: NSF) and is a leading player in the UK's non-standard finance market with leadership positions in branch-based lending and home credit. The Group's evolution from a cash shell back in 2015 has been achieved thanks to a period of significant investment in all three divisions with a clear differentiating feature being the Group's focus on face-to-face lending. Our business is founded on building relationships with our customers, many of whom have already been excluded by high-street lenders and other mainstream providers. These relationships, supported by significant physical and technological infrastructure, represent the very heart of our business model that is focused on addressing the credit needs of a growing proportion of the 10 million adults(4) that are either unable or unwilling to borrow from mainstream banks and other lenders. (4) UK Specialist Lending Market Trends and Outlook 2020. Executive insights Volume XX, Issue 39 - L.E.K Consulting Group Chief Executive's statement Introduction Against an uncertain but slowly improving macroeconomic backdrop and despite a number of operational, regulatory and financial challenges, the Group has performed ahead of management's expectations with encouraging performances by the continuing business divisions: branch-based lending and home credit. It was announced on 30 June 2021 that the guarantor loans division was being placed into a managed run-off due to the sub-scale nature of the business and complex regulatory requirements, and would ultimately be closed. As expressed at the time of the Group's 2020 full year results, whilst hugely disappointing, this was the only logical conclusion and based on a detailed analysis, is expected to deliver the best outcome for shareholders. We are continuing to work with the FCA to resolve a number of outstanding regulatory issues (see below) so that the Board can move to complete a substantial capital raise of approximately GBP80m (the 'Capital Raise') to fund customer redress, strengthen the Group's balance sheet and underpin future loan book growth. 2021 half year results The Group delivered a pleasing first half performance with both branch-based lending and home credit ahead of budget and delivering positive pre-tax profit before exceptional items. Despite not having issued any loans in the period, the Guarantor Loans Division also delivered an improved performance although remained loss-making at the pre-tax level. The significant reduction in the net loan books of all three divisions versus the prior year meant that normalised revenue before fair value adjustments reduced to GBP67.8m (2020: GBP92.2m). However, this reduction was also accompanied by a marked reduction in impairment due to the reduced levels of lending and a good collections performance by all three divisions. This fed through into a strong uplift in normalised operating profit to GBP9.4m in the period (2020: GBP5.0m). A much reduced exceptional charge of GBP4.0m (2020: GBP91.3m) meant that the reported loss before tax was also significantly lower at GBP7.5m (2020: loss of GBP102.7m). The exceptional charge included an additional provision for redress of GBP1.9m, advisory fees associated with the Capital Raise of GBP1.6m and restructuring costs in guarantor loans of GBP0.5m (see Financial review below). Branch-based lending An uptick in both the number of leads and qualifying applications to branch ('ATBs') more than justified the opening of an additional branch in Leeds during the first half, taking the total number of branches to 75. Whilst the sustained presence of COVID-19 restrictions held back the pace of recovery during the first four months of the year, both lead volume and ATBs increased as these were gradually removed. While staff numbers had been reduced during 2020, given the more gradual pace of recovery in lending volumes there was still some surplus capacity in the network during the first half although it is expected that this will be removed by the usual seasonal increase in demand in the autumn. Whilst the impact of lower lending volumes during 2020 and 2021 meant that revenues were down year-on-year, the impact on profitability was mitigated by a strong collections performance that also fed through into lower interest costs. The result was that normalised profit before tax increased by 133% to GBP2.1m (2020: GBP0.9m). Since the end of June 2021, lending volumes have remained robust and in-line with budget and the net loan book has continued to recover. A reduction in the number of customers requiring forbearance has helped to boost average yields and collections have remained strong so that impairment remains at or below historic norms. Whilst any return to COVID-19 restrictions or lockdowns would hamper the pace of recovery, the current trading performance is encouraging. Home credit As COVID-19 restrictions were gradually lifted, our agents were able to return to making more face-to-face visits and overall customer numbers began to increase. At the same time, the quality of our customer base improved with an increase in the proportion deemed to be 'quality customers' (i.e. those that have made 9 or more payments out of the last 13 payments due) which is now back to the levels seen in 2019. While the reduced levels of lending during 2020 and into 2021 meant that the net loan book declined year-on-year, a step-up in lending volume in May and June drove a return to month-on-month growth in the loan book. The collections performance was particularly strong in the period with non-cash payments remaining the most popular channel for customers. Whilst a temporary spike in complaints in March meant that overall administration costs were not down by as much as had previously been expected, they were still down on last year and normalised pre-tax profit was ahead of budget at GBP1.0m (2020: GBP2.2m). Since the end of June, we have continued to grow the active customer base as well as the number of quality customers on our books which bodes well for future financial performance. Whilst the summer months are traditionally a quieter lending period, with lending volumes in July and August softer than expected, an excellent collections performance meant that overall, the business remains ahead of budget as we approach the important peak lending period during the final quarter. Guarantor loans Following a detailed review of the Group's Guarantor Loans Division, it was announced on 30 June 2021 that the division was to be placed into a managed run-off and ultimately closed. Whilst hugely disappointing, the Board determined that collecting out the division's loan book was the only rational conclusion given the combined impact of the pandemic, the sub-scale nature of the business and complex regulatory requirements that would necessarily impede any potential future recovery in profitability. Having not written any new loans in the period, the loan book declined by 53% and revenues were sharply down on the prior year. However, collections were ahead of plan reflecting the dedication and hard work of our staff, as well as a better than expected payment performance by customers that had been affected by COVID-19. This helped to reduce impairment significantly and the delivery of a much reduced normalised pre-tax loss of GBP1.9m (2020: pre-tax loss of GBP9.2m). Since the end of June, the business has continued to deliver strong collections performance alongside a carefully managed reduction in the number of staff following the announcement that the loan book was being placed into managed run-off. Liquidity, funding and going concern As at 30 June 2021 the Group had cash at bank of GBP103.7m (31 December 2020: GBP78.0m) and gross borrowings of GBP330.0m (31 December 2020: GBP330.0m). As at 31 August 2021 cash at bank was GBP100.8m while the level of gross borrowings remained unchanged at GBP330.0m. The Group has a number of debt facilities including a GBP285m term loan facility that matures in August 2023 and a GBP45m revolving credit facility ('RCF') maturing in August 2022. Both facilities remain fully drawn. The Group is in discussions with its lenders regarding extensions to the term of its existing facilities. Any such amendments to the existing facilities would be conditional on the completion of the Capital Raise. The Group also has a multi-year GBP200m securitisation facility that remains undrawn. Whilst current cash balances mean that there is no need for additional funding at the present time, the facility remains in place. However, in the absence of the Capital Raise, it is unlikely to be available for use owing to the associated covenant requirements embedded within the facility agreement and the need for permission from the lender prior to any drawdown. It is hoped that following a successful capital raise the facility will be available for future use, if required. The Directors acknowledge the considerable challenges presented over the last year and the material uncertainties which may cast significant doubt on the ability of both the Group and the Company to continue to adopt the going concern basis of accounting. However, despite these challenges, it is the Directors' reasonable expectation that the Group and Company will raise sufficient equity in the timeframe required and will continue to operate and meet its liabilities as they fall due for the next 12 months and beyond and therefore it has concluded the business is viable. Should the Capital Raise be unsuccessful or take longer than expected to execute then it is expected that the Group would remain in a net liability position from a balance sheet perspective, would breach certain borrowing covenants during the next 12 months and as a result would not be able to access further funding over the period of breach and would require waivers from its lenders. In such circumstance, the Group may fall under the control of its lenders and there is a possibility of the Group going into insolvency. Refer to note 1 to the financial statements for further detail. Outstanding regulatory issues Redress programme for guarantor loans customers The Group announced on 5 August 2020 that, following its multi-firm review of the guarantor loans sector, the FCA had raised some concerns regarding certain processes and procedures at GLD and a programme of redress would be required for those customers deemed to have suffered harm as a result. Having proposed a detailed redress methodology, the Group is continuing to discuss this with the FCA with a view to commencing the execution of the redress programme in 2021. In addition to the exceptional provision of GBP15.4m that was included in the 2020 full year results to cover the total expected costs of the redress programme, an additional exceptional provision of GBP1.9m has been included in the 2021 half year results to reflect the continued accrual of estimated penalty interest, as the scheme has taken longer than expected to implement. The total estimated cost of the programme, which remains subject to confirmation by the FCA, includes: (i) the sum of all redress due to customers, including penalty interest (the 'Gross Redress Amount') of GBP18.2m, offset by existing impairment provisions of GBP1.9m; and (ii) the associated operational costs of executing the programme amounting to GBP0.6m, resulting in a net amount of GBP16.9m. It is possible that the Gross Redress Amount may differ, perhaps materially from the current estimate and that this could materially impact the financial statements. This is because the Group and the FCA are continuing to review the methodology as well as the risks and inherent uncertainties surrounding the assumptions used in the provision calculation. Independent reviews of both branch-based lending and home credit In the light of its proposed redress methodology in guarantor loans, the Group confirmed that it had commenced an independent review of its lending processes and procedures in both branch-based lending and home credit, taking account of recent decisions at the Financial Ombudsman Service. These reviews are ongoing and we are continuing to work closely with the FCA so that we can reach a conclusion soon. The Directors recognise that whilst the independent reviews at the branch-based lending and home credit divisions remain ongoing there remains a risk that the final outcome of these reviews may result in the identification of customers who may require redress, and the cost of redress for the Group could be materially higher than is currently provided for in the financial statements. Capital Raise It is expected that the Capital Raise will involve a firm placing and open offer and the Board has received indications of support from the Group's major shareholder Alchemy, subject to the outcome of the Group's engagement with its lenders, Alchemy's analysis of the FCA and Group's regulatory reviews, and greater levels of certainty around redress and claims. Other regulatory developments In addition to the matters outlined above, there have been a number of other regulatory developments in late 2020 and in 2021 that have been particularly relevant to the Group's business and these are summarised below: -- Climate related disclosures - On 21 December 2020, the FCA published a policy statement and final rule and guidance promoting better climate-related financial disclosures for UK premium listed commercial companies. They will be required to include a statement in their annual financial report which sets out whether their disclosures are consistent with the recommendations of the Taskforce on Climate-related Financial Disclosures ('TCFD') and to explain if they have not done so. The rule applies for accounting periods beginning on or after 1 January 2021. The FCA has recently consulted on proposals to: introduce climate-related financial disclosure rules and guidance for asset managers, life insurers and FCA-regulated pension providers; and extend climate-related disclosure rules to standard listed issuers and we await the outcome of this review. The FCA has also sought views on other topical ESG issues in capital markets. -- Woolard Review - On 2 February, the FCA published the much-anticipated Woolard Review , a significant and wide-ranging review of change and innovation in the unsecured credit market. The report contains 26 recommendations for the FCA, government and other bodies, including an urgent recommendation to bring all buy now pay later products into the remit of FCA regulation. -- Vulnerable customers - On 23 February 2021, the FCA published its guidance for firms on the fair treatment of vulnerable customers. The FCA wants to drive improvements in the way that firms treat vulnerable customers and bring about a practical shift in firms' actions and behaviour. It wants vulnerable customers to experience outcomes that are as good as for other customers and to receive consistently fair treatment. -- Operational resilience - On 29 March 2021, the FCA published its final rules and guidance on new requirements to strengthen operational resilience in the financial services sector. They come into force on 31 March 2022. By that date, affected firms must have identified their important business services, set impact tolerances for the maximum tolerable disruption and carried out mapping and testing to a level of sophistication necessary to do so. Firms must also have identified any vulnerabilities in their operational resilience. -- Consumer Duty - The FCA issued a consultation on a new Consumer Duty that would seek to set clearer and higher expectations for firms' standards of care towards consumers. It is proposed that the Consumer Duty would be a package of measures, comprised of a new Consumer Principle that provides an overarching standard of conduct, supported by a set of cross-cutting rules and four outcomes that set clear expectations for firms' cultures and behaviours. Firms would be expected to monitor, test and (where necessary) adapt their policies, practices and processes so they can satisfy themselves, and demonstrate to the FCA where required, that the outcomes for their customers are in line with the FCA's expectations. The FCA has sought views on two options for the wording of the Consumer Principle: 'A firm must act to deliver good outcomes for retail clients'; and 'A firm must act in the best interests of retail clients'. The FCA is not consulting at this stage on the drafting of the proposed remaining rules. A second consultation is expected to follow by 31 December 2021 and any new rules will be made by 31 July 2022. We continue to monitor all regulatory developments closely so that we can anticipate and, if necessary, engage with the relevant authorities, either directly or through industry associations. Dividend As a result of the significant reported losses in 2020 and during the first half of 2021, the Company does not have any distributable reserves and is therefore not in a position to declare a half year dividend (2020: GBPnil per share). As part of any future capital raise, the Board is committed to completing a process, subject to shareholder and Court approval, to create sufficient distributable reserves so that the Company can resume the payment of cash dividends to shareholders when it is appropriate to do so. Current trading and outlook All three divisions remain ahead of budget with strong collections and better than expected rates of impairment. While the pace of recovery in lending volumes has been a little softer than expected during the summer months, given the structural changes in the home credit market and our pre-eminent position in branch-based lending, subject to the successful execution of the Capital Raise, we are well placed to achieve our financial objectives of year-on-year loan book growth and an improving return on asset. |
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