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UK FCA opens probe into Provident vehicle finance unit

The U.K. Financial Conduct Authority has opened a probe into Provident Financial Plc unit Moneybarn in relation to the processes it applied to customer affordability assessments for vehicle finance and its treatment of customers in financial difficulties.

Provident said it will work with the regulator to investigate the remaining concerns and resolve any outstanding related issues "as soon as practicable."

The U.K.-based subprime lender, which acquired Moneybarn in 2014, is also involved in a separate FCA investigation on whether Provident missold unit Vanquis Bank Ltd.'s repayment option plan to its borrowers.