Vanquis Banking Group controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile7 entries
2025
Financial-sanctions compliance breach
OFSI reported a breach involving transactions with a designated person. Vanquis Bank voluntarily disclosed the matter and was not fined.
2021
Affordability-complaint compensation scheme
The FCA investigated practices across several Provident brands after complaints rose sharply. A High Court-approved scheme set aside £50 million for unresolved pre-17 December 2020 claims, although the FCA criticised the level of compensation available.
2020
Moneybarn customer-treatment enforcement
The FCA fined Moneybarn £2.77 million after finding that some customers in arrears had been placed into unsustainable short-term repayment arrangements. More than 1,400 customers were identified in the enforcement findings, and redress was paid to 5,933 customers.
2018
Vanquis repayment-plan disclosure enforcement
Vanquis Bank was fined £2 million for failing to properly disclose charges on a repayment-option plan and was required to return £169 million to affected customers.
2014
Central Bank of Ireland consumer-protection enforcement
The Central Bank of Ireland reprimanded and fined Provident Financial over breaches of regulatory requirements intended to protect Irish consumers. The matter also involved allegations concerning the treatment of whistleblowers.
2012
Panorama criticism of lending to vulnerable borrowers
A BBC Panorama programme alleged that Provident-related lending practices could expose vulnerable consumers to agreements they did not fully understand. Citizens Advice representatives also questioned the treatment of such customers.
2011
Criticism of Vanquis repayment-option plans
Vanquis Bank faced criticism over repayment-option plans attached to credit cards. Consumer advocates compared the product with payment-protection insurance and questioned its value and presentation to customers.