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Provident Financial's Moneybarn car loan unit facesFinancial Conduct Authority probe



Shares in the troubled sub-prime lender Provident Financial have fallen by up to 18%, after the firm revealed that its car finance division is being investigated by the regulator.

 
The Financial Conduct Authority (FCA) is to examine the way that Moneybarn assesses car-buyers for loans.


Provident Financial's credit card division - Vanquis - is already being investigated by the FCA.


Shares in Provident have lost nearly 80% of their value since May this year.


In a statement, Provident Financial said that the FCA's inquiry would look at "the processes applied to customer affordability assessments for vehicle finance, and the treatment of customers in financial difficulties."




BBC      News.


This post first appeared on Quest Times, please read the originial post: here

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Provident Financial's Moneybarn car loan unit facesFinancial Conduct Authority probe

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