You are here: Home - Credit Cards & Loans - News -

Car finance firm investigated by the regulator

Written by: Paloma Kubiak
The financial regulator has launched an investigation into Moneybarn - part of the troubled Provident Financial Group.

The Financial Conduct Authority (FCA) has launched an investigation into vehicle financing firm, Moneybarn, in relation to customer affordability assessments and the way it treated customers facing financial difficulties.

It helps people with poor credit scores who have been refused car or van finance elsewhere. Its representative APR is 32.9%.

Moneybarn is part of doorstep lender Provident Financial, which was relegated from the FTSE 100 in August following its profit warning and the revelation that its subsidiary firm, Vanquis Bank, was being investigated by the FCA.

A statement from Provident Financial Group, read: “PFG aims to act responsibly in all its relationships, and to play a positive role in the communities it serves. The FCA granted Moneybarn authorisation to conduct consumer credit activities on 3 June 2016 and since that date the FCA has continued to discuss certain processes with Moneybarn and Moneybarn has made a number of process improvements, including to the way it deals with future loan terminations.

“The Company will work collaboratively with the FCA to investigate the remaining concerns and resolve any outstanding related issues as soon as practicable.”

It added that the company intends to make a post-closing trading update in mid-January.

The FCA was unable to comment on the investigation.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week