Pcf Share Discussion Threads

[cc2014] 11/6/2021 10:44

We are now 3 weeks and 2 days since the suspension. Something must be seriously wrong. Whether it is governance and finance or just finanace we can't say.

Not a peep from the company and not a leak in the press or on the web either. They've got it completely locked down. It's difficult not to speculate but I think by now we can assume the PRA must be fully in the loop and whatever the situation PCF must have given them some assurances over a time line. Or perhaps they've agreed a long stop date with regard to resolution which would imho be 30th June, the last day for them to get their 2020 accounts done and I think the last day to publish their half year results.

[dandigirl] 11/6/2021 08:32

I hope someone in PCF is relaying thoughts here to the Board.

Surely there has to a statement latest 7.00 am Monday!

[geraldus] 08/6/2021 16:34

No,that was 'Something Fishy' and it was later found to have been nobbled.

[seasidehippo] 08/6/2021 15:53

Won a small handicap at Thirsk about 30 years ago if i recall?

[geraldus] 08/6/2021 15:03

Tick - tock.

[cjd190573] 07/6/2021 20:51

“finance industry” Amigo, Provident Financial??

[johnowen1] 07/6/2021 18:11

ok lets wait and see

[dandigirl] 07/6/2021 17:02

Then I think I would rather take the Chairman at his word.

Thanks.

[johnowen1] 07/6/2021 16:57

finance industry

[dandigirl] 07/6/2021 16:08

johnowen1:

Hello John

Information is only as good as the source.

Mine is from the Chairman.

What is your source please?

[cc2014] 07/6/2021 14:35

Thanks Dandigirl. One wonders what the Somers NED who has been on the Board for some time has been doing. I met him once at the AGM. I can't say I formed a view either way.

Good luck to you all you. I hope it turns out to be a case of nothing fundamentally wrong, just some poor relationship with the auditors and a write down of no more thana couple of million.

For my part, just to let you know as it may have got lost many posts ago, I'm not holding PCF, having sold mine around 15 months ago. I retain an interest partly because I'm looking to buy back in as I think underneath all these problems they are a good company, but also I'm interested indirectly as an investor in UIL, which are invested in Somers

[johnowen1] 07/6/2021 14:33

Look on the bright side - PCF is operating as normal in what are very strong used car and property markets i.e. it has a future and some value.

I understand that this is not the case from sources inside the industry.

[dandigirl] 07/6/2021 14:13

CC2014: Look on the bright side - PCF is operating as normal in what are very strong used car and property markets i.e. it has a future and some value.

My reading is that it is very thorough and that they will keep going back into the past to leave no stone unturned. They will be required to go back pre-banking licence.

Only an external party can do this and give confidence in their findings to the regulators - directors have had their chance. Must be costing a lot of money though. Big hit to P&L.

Then there is SOMERS who will want a big say.

Cheer up. What will be , will be.

[cc2014] 07/6/2021 11:22

This remains a puzzle.

On the one hand PCF are still accepting savings up to £250k an individual (or bond I'm not sure which) and if they were in real trouble I think it likely this would have been scaled back to £85k, both by influence from the PRA and by directors who hold some level of personal responsibility.


On the other, how long does it take to do a review over financial controls and reporting processes? Not this long unless you are going through absolutely everything, which would suggest some fundamental underlying problems.

It would be helpful to know whether the review is being done by the directors, the NEDs or an external party say from the big 4 accountants.

[cjd190573] 04/6/2021 14:07

Thank-you for sharing this. Nice to confirm BAU on the banking front. Have a good weekend all.

[seasidehippo] 04/6/2021 12:42

Many thanks, i also remain positive. You have a great w/e too. Cheers

[dandigirl] 04/6/2021 11:57

Got a response. Standard, I think, as I suspect I was not the first to write.

Bank operating as normal. We will all hear just as soon as the review is complete. Market sensitivity and all that. IMV, reading between the lines, RNS not imminent.

I am not as gloomy about this as others. I do take comfort from the fact that PCF continues to take deposits and grant loans i.e. it should be profitably currently.

It is beyond stupid to think that nothing can be read into this as someone suggested.

Think positively, girls and boys.

Have a nice weekend.

[seasidehippo] 03/6/2021 21:36

‘flimsy’ to say the least and only provides one side of the story. RNS imminent??

[dandigirl] 03/6/2021 21:28

Suggest that all email Chairman Franklin and press him for some sort of disclosure this side of the weekend. I have.

[e-mail]

[geraldus] 03/6/2021 20:37

Too late.do keep up.

[cjd190573] 03/6/2021 19:55

So Geraldus, let’s go on the hunt for red flags shall we? Other than the seven flimsy complaints on TP what other evidence exists to suggest that this is no better or no worse than any provider of asset backed finance? Not being mean but I have a feeling that agendas are kicking in here.

[geraldus] 03/6/2021 12:39

They always had excellent reviews.Not everybody will be vocal.It's definitely a shift in the wrong direction and that's just Trustpilot.Maybe covid wasn't handled so well.

[cjd190573] 03/6/2021 12:33

Geraldus a total of seven reviews in a little under two years on Trustpilot. Is this really representative? The most recent review is someone complaining about being turned down.

[cjd190573] 03/6/2021 11:09

My goodness carcosa, talk about throwing a bomb into the room and saying “nobody panic”