Provident Financial today announces a proposed reduction of 493 positions in its Provident home credit business, subject to formal consultation. The positions affected are spread throughout the country and are mainly administrative clerks in field clerical centres and their managers, and front-line managers who work with the company’s agents who call on customers. Four administrative positions are affected at the head office in Bradford.
The introduction of new technology has allowed the business to move away from traditional paper-based systems with a corresponding reduced requirement for the people who work with those systems. In addition, a move to larger, more efficient agencies has led to a reduction in the number of the first-line managers who work with agents.
The changes within the home credit business are part of a more general move to Provident Financial becoming a more broadly-based consumer lending business. In addition to the long-established Provident home credit business, Vanquis Bank has established itself as the preeminent non-standard credit card provider over the last 12 years. Satsuma Loans, an online consumer loans business, has also recently been launched. Moneybarn, the market-leading non-standard car finance provider was acquired last year.
Peter Crook, Chief Executive of Provident Financial, said:
“The new technology we are introducing will enable us to provide the best service to our customers and the highest levels of regulatory compliance. As a result of this new technology and a move to larger, more efficient agencies which service customers, we do not need as many people in clerical and first-line management positions. As a consequence, we have commenced consultation today regarding a proposed reduction in the number of these positions. We will of course do whatever we can to help those affected.”
Notes for editors:
26 of the proposed reduction in personnel are based in Yorkshire; of those, 4 are based in Bradford.