ao link
Credit Strategy homepage
Intelligence, insight and community
for credit professionals

Dear visitor,
You're reading 1 of your 3 free news articles this quarter

 

Register with us for free to get unlimited news, dedicated newsletters, and access to 5 exclusive Premium articles designed to help you stay in the know.

 

Join the UK's leading credit and lending community in less than 60 seconds.



Register now  or  Login

FCA raises number of concerns over NSF’s guarantor loans division

Non-Standard Finance (NSF) has announced that it will be working with the Financial Conduct Authority (FCA) to conduct a review of the group’s guarantor loans division, after a visit by the regulator.

Share on LinkedInShare on Twitter

NSF announced that it had been informed by the FCA that, following a visit to the group’s guarantor loans division in March 2020, a number of concerns had been raised regarding aspects of the operating procedures and processes at the division.

 

The visit was part of a multi-firm review into the sector and involved the examination of a selection of customer files.

 

NSF said its review will clarify the scope and scale of the regulator’s concerns. The lender is also developing a possible redress methodology and will make a further announcement in due course.

 

Pending the outcome of this review, the group’s consideration of a possible equity issue has been put on hold for the time being. Alchemy, the group’s largest shareholder, which was supportive of the proposed capital raise, has confirmed that it remains supportive of providing further capital to the group and is engaging with the board in this regard.

 

Another guarantor lender, Amigo Loans, has recently come under investigation by the FCA over credit-worthiness assessments.

Share on LinkedInShare on Twitter
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.

Stay up-to-date with the latest articles from the Credit Strategy team

Credit Strategy

Member of

Get the latest industry news 

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, 1-2 Paris Garden, London, SE1 8ND. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group