Strategy

People and Culture

We have a clear Purpose that makes a positive impact on people’s lives. Our colleagues are key to our success, so we will focus on attracting and retaining the right people, making this a great place to work, and having opportunities to develop in a diverse and inclusive environment.

• We conduct an annual survey to continually focus on making improvements for our colleagues.
• We have diversity and inclusion groups (gender, race, social mobility, disability and LGBTQ+) to help create an inclusive environment.
• We offer support through our Employee Assistance programme (EAP) and the provision of the Thrive app.

Objectives

• Focusing on inclusion and development to retain and attract diverse talent that collaborates effectively in a hybrid setting.
• Re-energising investment in colleagues.

KPIs

Growth and Sustainability

Through Growth and Sustainability, we will aim to be efficient and effective by focusing on seamless collaboration through connecting teams and technology.

Capital
At December 2022, the Group had capital resources far in excess of the overall capital requirement, retaining a credit rating, an extensive wholesale markets franchise, and a strong performance in debt capital markets, providing opportunities for optimising the composition of the Group’s regulatory capital if desired.

Funding
The Group has a highly liquid position, holding in excess of £380m above liquidity coverage ratio requirements. We have continued to deliver on a number of funding objectives:

• In line with the Group’s strategy to reduce its reliance on Revolving Credit Facilities (RCF) as a source of funds, the Group took the decision to repay the RCF early on 30 March 2022 (the Group did not require the funding and did not plan to renew the facility on maturity);
• The Group has placed all surplus funds on deposit with the Bank of England via Vanquis Bank;
• The £70m loan from Vanquis Bank to Provident Financial plc was repaid early on 30 June;
• Vanquis Bank extended a £70m loan to Moneybarn under the existing Large Exposure Limit on 30 June 2022 (this was not waiver dependent);
• The Group received approval from the Prudential Regulation Authority (PRA) of a Core UK Group waiver to allow the use of retail deposits held at Vanquis Bank Limited to fund Moneybarn No.1 Limited, enabling the transition to a traditional bank funding model that is primarily retail funded.

Objectives

• Embedding our operating model around our brands and consolidating our products onto one platform.
• Developing technology and investing in systems.
• Cost efficient investment for sustainable growth and value-add.

KPIs

Customer and Community

By putting people at the heart of what we do, we ensure that our business is centred on our Customers and Communities, with a focus on social impact.

Supporting our Customers
The Group is well positioned to provide tailored and responsible products and services to customers who span the mid cost, near-prime segment, including those dealing with significant life events. Short or longer-term financial difficulties can damage customers’ credit files, leading to them being excluded by prime lenders. Our services help people enter or re-enter the credit market, stay in control of their finances and build up their credit scores.

Supporting our Communities
We have continued to support our communities, working with charities and specialist partners to address barriers to social and financial inclusion. Our assistance has taken many forms:

• Establishing a School Uniform Fund helping more than 1,000 pupils.
• Supporting children and adults to boost their skillset, including numeracy, literacy and school-home support.
• Sponsoring the ‘Bradford City of Culture’ Programme in 2025.
• Disbursing over £260,000 in grants to 27 voluntary organisations focusing on inequality, exclusion, disadvantage and mental health.

During 2022, we worked with the Outward Bound Trust, the National Literacy Trust and four community foundations to enrich the lives of our communities and make a positive social impact.
 

Objectives

• Building deep relationships with customers, ensuring access to products, services and support through various channels.
• Continuing our award-winning work with partners and communities.

KPIs