Morses Club PLC Morses Club PLC receives full FCA authorisation (1194E)
04 May 2017 - 4:00PM
UK Regulatory
TIDMMCL
RNS Number : 1194E
Morses Club PLC
04 May 2017
4(th) May 2017
Morses Club PLC
Morses Club PLC receives full FCA authorisation
Morses Club PLC ("Morses Club" or "the Company"), the UK's
second largest home collected credit ("HCC") lender, is pleased to
announce that it has received full FCA authorisation following a
period of operating under interim permission.
Paul Smith, Chief Executive Officer of Morses Club,
commented:
"We are delighted to have received full FCA authorisation,
marking a significant step in the development of the business. We
will continue to focus on delivering good customer outcomes, using
technology to maximise the customer experience. We strongly believe
that listening to our customers and developing products to match
their needs will help to continue to consolidate our strong
position within the home collected credit market."
Enquiries:
Morses Club PLC Tel: +44 (0)
Paul Smith, Chief Executive Officer 330 045 0719
Andy Thomson, Chief Financial
Officer
Numis Securities Limited (Nomad Tel: +44 (0)
and Joint Broker) 20 7260 1000
Andrew Holloway
Charlie Farquhar
Paul Gillam
Panmure Gordon (UK) Limited (Joint Tel: +44 (0)
Broker) 20 7886 2500
Richard Gray
Charles Leigh Pemberton
Camarco Tel: +44 (0)
Ed Gascoigne-Pees 20 3757 4984
Jennifer Renwick
Notes to editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit
lender with 216,000 customers and 1,826 agents (as at 25 February
2017) across 98 locations throughout the UK.
The Company offers a range of loan products to its customers
through its extensive agent network. The majority of the Company's
borrowers are repeat customers and the Company enjoys consistently
high customer satisfaction scores of 95 per cent or above.
The Company is using technology to broaden its offering and
provide new products to ensure customers can access credit with the
flexibility they require. In April 2016, its cashless lending
product, the Morses Club Card, was introduced, enabling its
customers to buy online as well as on the high street.
Morses Club successfully listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset,
consists of both secured and unsecured lending and is estimated to
comprise around 10 million consumers.
Non-standard credit is the provision of secured and unsecured
credit to consumers other than through mainstream lenders. Lenders
providing non-standard credit principally lend on an unsecured
basis.
Since 2009, unsecured personal lending has grown from GBP161
billion to GBP244 billion in 2015.
UK Home Collected Credit
UK HCC is considered to be a specialised segment of the broader
UK non-standard credit market. UK HCC loans are typically small,
unsecured cash loans delivered via self-employed agents directly to
customers' homes. Repayments are collected in person during weekly
follow-up visits to customers' homes.
UK HCC is considered to be stable and well-established, with
approximately 3 million people using the services of UK HCC
lenders, of which 1.8 million people borrow regularly.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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