FCA Warns Against Subprime Lender's Restructuring Plan

Law360, London (April 23, 2021, 2:51 PM BST) -- Provident Financial PLC's proposed restructuring will likely leave customers with significantly less redress for claims against the subprime lender, Britain's financial watchdog has warned after a court waved through the £50 million ($69 million) scheme.

In a letter from Sheldon Mills, executive director of consumers at the Financial Conduct Authority, to Provident CEO Malcolm Le May dated April 19 and made public Thursday, the City watchdog said it didn't support Provident's plan to restructure its debt using a scheme of arrangement under the Companies Act 2006. The FCA warned creditors of Provident — the lender's past and present customers and the...

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