- Provident Financial
Infobox Organization
name= Provident Financial plc
mcaption=
formation= 1880
type=Public Limited Company
headquarters=Bradford ,West Yorkshire ,United Kingdom
key_people=John van Kuffeler , Non-Executive Chairman;Peter Crook , Chief Executive;Andrew Fisher , Finance Director
website=http://www.providentfinancial.comProvident Financial plc (lse|PFG) is a financial services group based in
Bradford ,UK . It specialises in Home Collected Credit (HCC), but also owns Vanquis Bank which offerscredit cards . Its market is among the 10 million people in the UK who have difficulty getting mainstream credit, and its biggest business is lending to people in their homes via a network of doorstep agents. Out of an estimated 2.5 million people who borrow from HCC providers, 1.5 million place their business with Provident Financial, giving the company an estimated 60% market share. Their largest rival isCattles . ["Doorstep agents help Provident Financial ride out the credit storm",Financial Times , 29 December 2007.] .Domestic Operations
In the UK, Provident trades under a number of different brands, including Provident Personal Credit and Greenwood Personal Credit for its home credit operations, and Vanquis Bank for its credit card operation. The home lending operations are based in the head office building in Sunbridge Road, Bradford and Vanquis Bank is based in London with purpose built premises located in Chatham,
Kent .Controversy Over Home Collected Credit
In June 2004, the National Consumer Council referred a Super-Complaint regarding the Home Collected Credit industry to the
Office of Fair Trading . The Office of Fair Trading published a consultative paper which raised concerns about concentration of market share between the four largest providers, including Provident Financial. It also mentioned a number of business practices and customer characteristics which could hinder market competitiveness.References/Sources
* http://www.providentfinancial.com
* http://www.oft.gov.uk/advice_and_resources/resource_base/super-complaints/home-collected-creditReferences
Many consumer complaints about Yes Car Credit - Direct Auto Finance who are owned by Provident can be read at http://www.carcreditcomplaints.co.uk
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