Morses Club PLC Paul Smith appointment to FCA SBPP
29 May 2018 - 6:00PM
RNS Non-Regulatory
TIDMMCL
Morses Club PLC
29 May 2018
29 May 2018
Morses Club PLC
Paul Smith appointment to FCA Smaller Business Practitioner
Panel
Morses Club PLC ("the Company", "Morses Club" or "the Group"),
the UK's second largest home collected credit ("HCC") lender,
welcomes the FCA Board's appointment of Paul Smith, Morses Club's
CEO, to the Smaller Business Practitioner Panel to represent the
consumer credit sector, with effect from 1 May 2018.
Paul joins a panel of 15 senior practitioners to represent the
interests of small and medium size firms across the range of
FCA-regulated activities, with panel members recruited to represent
both their own sector and the industry as a whole. Its key remit is
to provide input to the FCA from the industry in order to help it
in meeting its statutory and operational objectives from a smaller
business standpoint.
Commenting on his appointment, Paul Smith, Chief Executive
Officer of Morses Club, said:
"I am delighted and honoured to have been appointed to the
Smaller Business Practitioner Panel to represent the consumer
credit industry. The Panel plays a vital role in representing the
interests of smaller firms in the industry with the FCA and I look
forward representing the interests of the Home Collect Credit
sector, the needs of their customers and the wider non-standard
finance sector".
More information on the role of the FCA Smaller Business
Practitioner Panel can be found at www.fca-sbpp.org.uk
For further information please contact:
Morses Club PLC Tel: +44 (0) 330 045 0719
Paul Smith, Chief Executive
Officer
Andy Thomson, Chief Financial
Officer
Camarco Tel: +44 (0) 20 3757 4984
Ed Gascoigne-Pees
Jennifer Renwick
Kimberley Taylor
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC)
lender with 229,000 customers and 2,030 agents across 98 locations
throughout the UK.
The Company offers a range of loan products to its customers
through its extensive self-employed agent network. The majority of
the Company's borrowers are repeat customers and the Company enjoys
consistently high customer satisfaction with scores of 95% 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. Dot Dot
Loans, the Company's first online instalment product, was launched
in March 2017.
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 and the market is characterised by high frequency
borrowing.
Since February 2014, unsecured personal lending has grown from
GBP161 billion to GBP209 billion in February 2018(1) .
(1) Source : Table J Bank of England Money & Credit Report
February 2018
About 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 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 1.6 million(2) people using the services of UK HCC
lenders.
(2) High Cost Credit Review ANNEX 1 - July 2017
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END
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