Pcf Share Discussion Threads

[cc2014] 28/7/2021 11:53

I guess even if we do see the finals and interims on Friday the suspension may not be lifted as the work on the remedial plan will not be complete.

From the 28th June RNS "While the PCF Group continues its work in relation to the remediation plan on the financial controls environment described above, the shares will remain suspended. When the PCF Group and its NOMAD, are satisfied with the outcome of this work, they will seek for the share trading suspension to be lifted."

[dandigirl] 28/7/2021 11:39

15p - a guess as to the share price on suspension lifting.

[dandigirl] 28/7/2021 11:37

Surely it is known now whether or not Friday’s deadline will be achieved.


If not, the Board should do shareholders the courtesy of informing us now.

[kestinagk] 27/7/2021 15:16

As a very new boy I am impressed with knowledge in articles I have read but I think we should all meet up somewhere in and have a good chinwag about this whole business. Any suggestions?

[dandigirl] 27/7/2021 10:04

Interesting RNS informing of a 0.2% reduction in the Somers holding. Someone looking a little more closely at the figures. Hmmm.

[dandigirl] 26/7/2021 20:26

What about Somers making an offer for the shares it doesn't own?

[graham1ty] 26/7/2021 17:26

The sanction is the continued humiliation and embarrassment.

The Board will now say “being so late already, and suspended, let us at least get it 100% right now”. However it should not take 10 weeks. PCF must have had some system, and a good enough system to get past the various PRA tests. Unless they are migrating to a completely and utterly new system ( and we have no indication of this), it should not take 10 weeks to check the numbers.......

[the millipede] 26/7/2021 16:24

Yes I know.

My point is there is no sanction for results being late, since shares already suspended.

So why will they be on time?

[carcosa] 26/7/2021 15:52

Millipeed.. FYI the shares are already suspended.
You may like to review post #3116

[the millipede] 26/7/2021 15:47

I think this does point to a flaw in processes, if the board (or audit
Committee if you prefer) should have been able to verify independently the figures produced by the finance team.

It is fundamental surely that without this step taking place somewhere, the board is not actually monitoring any of the finances.

I have no idea if this is usual behaviour at company board level, but I am a school governor and we do not take anything the Head says on trust, nor should we. Much of our job is independently verifying what he tells us. Don’t company boards do something similar?

[cc2014] 26/7/2021 13:56

Sadly part of the problem is the Board

Would it be reasonable for the Board to notice that the numbers being reported to the PRA were wrong. Probably not imho, as the Board has to rely on some form of management competence. They can't ask for every to be provided to them and finance is only one of the things they have to discuss.

Would it be reasonable for the audit committee to notice that the PRA numbers were wrong. I'd say yes. The audit committee would be expected to actually look at the numbers and understand how they are put together. Sure, the ability to spot the problem may have not been obvious becasuse of collusion in the fianance department but I think they should have spotted something wrong with Azure accounts and that then the rest should have unravelled. Getting the numbers right for the PRA is on their top2 list of things to do.


Regardless, all the Board should have been aware of the lack of skills in the finance department, the understaffing and would also have had access to information we don't have on staff turnover etc. It seems there was both collusion and supression of information in the finance department but I see the same supression of information between the Board and shareholders.

Will we get finals and interims this week? Who knows? and that's part of the problem. Perhaps we will so that would be great. But we also know that any decent Board would inform the shareholders if this wasn't going to happen, but regrettably we don't trust the Board to do that.

[the millipede] 26/7/2021 13:15

The sanction, for late reporting (in this case after the end of this month) is that the shares will be suspended.

I am not expecting anything this week.

[graham1ty] 26/7/2021 11:57

Audit Committee:
Christine Higgins. Chartered Accountant. Appointed 2017. Chair of the Audit Committee. So, responsible for failure to spot these problems.

David Morgan. Appointed 2012. Non Exec Director of Somers. Also Chair of Harlequins, so perhaps had eye on a different ball. Congratulations, anyway. 35 years banking experience, mainly at Standard Chartered.

Marian Martin, appointed 2019. Chartered Accountant. Chief Risk Officer at Virgin Money for 11 years. “A background in risk management and audit”. Time to fall on your sword ?

All three Audit Committee members are “old team”. All have been there throughout this period.

One other note: Tim Franklin was non Exec Director of The Post Office for nine years until 2019. Has he been mentioned in regard to the Horizon system problems ?

[graham1ty] 26/7/2021 11:56

I would hope the Board are meeting weekly at least, if not touching base daily.

I am disappointed that the Audit Committee has not seen Heads roll.......

[cc2014] 26/7/2021 10:54

No, I do not know the Board are meeting. My english was a bit rushed/lax??

Would have been better written, "Let's hope they've sorted things over the weekend, let's hope the Board are meeting today to sign things off and let's hope we see an RNS tomorrow."

[seasidehippo] 26/7/2021 09:17

Little point in providing an update at this stage if there is nothing to say. If there was something material to report we would surely have heard by now!!!! I could be wrong but i am taking this as a positive. In any event not long to go now.

[dandigirl] 26/7/2021 08:46

CC: Do you know for a fact that there is a Board today please?

[graham1ty] 26/7/2021 08:00

Four weeks since:

“The Board wishes to thank its shareholders, customers and other stakeholders for their patience and the valued support they have provided to the PCF Group during this difficult time and wishes to reaffirm that it is committed to provide updates in a timely, transparent and comprehensive manner."

Timely ? Transparent ?

Or slow and clear as mud........

[graham1ty] 26/7/2021 07:58

Yes, CC, thoroughly depressing......

[cc2014] 26/7/2021 07:40

Bit surprised to see no RNS. Let's hope they've sorted things over the weekend, the Board are meeting today to sign things off and we see an RNS tomorrow.


PCF rates for savers are now well now market best buys, like they don't want cash.
PCF 1 year 0.75%. Best buy 1.1%
PCF 18 month 0.76% Best buy 1.1%
I'm a bit surprised they haven't been in the market for long term bonds either as surely we've seen the bottom on those a while ago.

[dandigirl] 25/7/2021 18:47

Here’s hoping for news in the a.m.

[graham1ty] 24/7/2021 13:38

Article in the Times:

“Nearly a third of bank audits substandard, warns regulator”

Critical comments on KPMG, pwc, Mazars, EY, BDO, Grant Thornton, and Deloitte.....er, all of them.

I wonder whether this is having some influence on the current process ?

EY have been PCFs auditor, the headline comment is “The main recurring finding in these results [ie this survey] was the need to enhance the evaluation or challenge of aspects of managements impairment assessments”. That comment is NOT necessarily anything to do with PCF.

[dandigirl] 20/7/2021 22:40

hippo: Please re-read my post. It's in there.

[seasidehippo] 20/7/2021 17:45

"But it should not have required this" what should it have required???

[dandigirl] 20/7/2021 10:30

CC2014: Good post. Mostly agree. Lack of Regulatory oversight from the Audit Committee and Board is uppermost in my mind. Lack of questioning of info given. All directors would have been approved by the regulators, by the way.

This probably arose from the appointment of the new CFO but it should not have required this. Directors should have found this.

Wonder if the Board had ensured that there were whistle blowing policies and procedures in place? Another fail?

I only disagree with you on timing. After all, how many weeks is it now? If matters are not resolved by the end of next week, the situation must be really, really dire.