Vanquis Banking Share Discussion Threads

[blackhorse23] 14/11/2024 10:17

Piku u don't have any clue, better sell strawberries rather than stockman lol

[diku] 14/11/2024 08:39

Britain's City watchdog looks set to extend the deadline by which lenders must respond to customer complaints about historic commissions on car loans.

The Financial Conduct Authority is proposing to consult on giving motor finance companies more time to deal with consumer complaints regarding deals involving non-discretionary commissions.

It warned that motor finance firms 'are likely to receive a high volume' of complaints following a landmark court judgement last month.

The Court of Appeal ruling sent shockwaves through the market as it effectively placed much higher levels of transparency requirements on lenders, some of which immediately suspended new business.

Probe: Financial regulators have been investigating the historical sale of DCAs amid concerns they led to drivers paying excessive interest when buying their vehicles
An extension, the FCA said, would give them more time to assess how complaints might be 'efficiently and effectively handled', and stop 'disorderly, inconsistent and inefficient outcomes' for the market, lenders and customers.

Proposals are set to be published within a fortnight; if carried forward, it would result in the complaint extension coming into force by mid-December.

On 25 October, the court ruled that it was unlawful for vehicle sellers to receive a commission from a lender on finance deals if the customer buying the car had not given their 'fully informed consent' to the payment.


Car finance crisis threat to home and motor insurance -...

Lloyds weighs options after shock motor finance court ruling


It intends to write to the Supreme Court asking if the judgement can be appealed; Close Brothers and FirstRand, two of the lenders involved in the case, already plan to appeal.

Should the appeal be granted, the FCA wants the court to provide a quick decision 'given the potential impact of any judgment on the market and the consumers who rely on it.'

The FCA is calling on vehicle finance lenders to 'use the time provided to ensure they have the resources to issue final responses to complaints at the end of a proposed extension'.


It added: 'Motor finance firms are also likely to need to consider whether they should make any financial provisions as complaints need to be handled in line with the law.'

Since January, the FCA has been looking into the historical sale of 'discretionary commission arrangements' (DCAs).

Until they were prohibited, DCAs allowed dealerships and brokers to set the interest rate on a car buyer's finance agreement.

This encouraged brokers to charge customers higher rates without regard to other factors, including the loan's value, length of agreement, or a customer's credit score.

Concerns abound that the probe could result in a PPI-style scandal, with banks and other lenders paying billions in compensation.

RBC Capital Markets estimated Close Brothers, which has stopped providing new car loans to consumers since the court's decision, could be laid with a £640million bill, more than double its current market capitalisation.

[diku] 13/11/2024 21:27

CURYman...plenty liquidity???...700mln still there?...

[peterrr3] 13/11/2024 12:03

I guess GLG partners aren't impressed by your ramping horse. Increased their short again yesterday. I really have no idea which way this will go so I'm sitting on the fence awaiting clarity which probably won't arrive soon.

[blackhorse23] 13/11/2024 09:56

Plenty liquidity

[blackhorse23] 13/11/2024 09:25

The following offering circular (the "Offering Circular") has been approved by the Financial Conduct Authority : VANQUIS BANKING GROUP PLC - £2,000,000,000 Euro Medium Term Note Programme dated 12 November 2024

[leedsu36] 13/11/2024 09:12

What's this 'circular' rns about ?

[jubberjim] 13/11/2024 07:53

Black horse

Was that before or after latest FCA statement.

I can see a U Turn coming

[diku] 12/11/2024 22:45

RSI has completely fallen away bottom of the chart...

[diku] 12/11/2024 22:33

Hot cocoa...

[blackhorse23] 12/11/2024 22:15

Piku what are you drinking today ?

[diku] 12/11/2024 14:57

CURYman...700mln still there?...

[diku] 12/11/2024 08:39

CURYman...I thought you were the broker...doing the pumping...

[blackhorse23] 12/11/2024 08:08

Brokers upgraded today as buy

[blackhorse23] 11/11/2024 22:56

Tier 1 ratio is 18.7%. Which is well over 6% , showing strength of the company

[gregsc] 11/11/2024 21:50

Blackhorse you are mistaken.
Google and others have been mixing these companies up for a long time.
Provident financial is a US company (NASDAQ:PROV)
Vanquis Banking is a British company (LSE:VANQ)

They have no connection other than Vanquis used to be called Provident.

[blackhorse23] 11/11/2024 18:20

Provident financial and Vanquis is same company

[jubberjim] 11/11/2024 16:33

Hi Blackhorse

Where have you been all day

Mulching the roses no doubt.

I too talk to my plants.

Be good

[blackhorse23] 11/11/2024 16:21

Provident Financial (PROV) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.

[kelso29] 11/11/2024 10:49

Scemer
Yes, that's what my post says!

[scemer] 11/11/2024 09:18

Kelso harwood is a purchase

[blackhorse23] 09/11/2024 00:13

Harwood Capital LLP straight to 3% holdings from 0%

[pugugly] 08/11/2024 21:20

Until claims - especially car loans are resolved this will continue to fall -

[kelso29] 08/11/2024 21:12

GLG partners have increased their short again to 2.12% (1.19% increase on Thursday!).
Also another large shareholder declared, Harwood at 3.12%.

[sbb1x] 08/11/2024 11:16

About time some big holders bought more