The Court has sanctioned the Provident Personal Credit Limited scheme, which includes a proposal to wind down the business. FCA has not supported the scheme for reasons including that consumers are being offered significantly less in redress than the full amounts owed to them. It continues to have significant concerns about he scheme, while acknowledging the only likely alternative was insolvency of the firm which would give consumers no redress.
FCA has put on record that it continues to have significant concerns about schemes of arrangement being proposed by and used by firms to avoid paying customers redress and plans to consult on this shortly. In the meantime, it is continuing to investigate the firm for its conduct.