Manx Financial Group PLC MFX ENTERS THE SME DEBT MANAGEMENT MARKET (7819A)
June 04 2021 - 2:00AM
UK Regulatory
TIDMMFX
RNS Number : 7819A
Manx Financial Group PLC
04 June 2021
FOR IMMEDIATE RELEASE 4(th) June 2021
Manx Financial Group PLC (the "Company")
MANX FINANCIAL GROUP PLC ENTERS THE SME DEBT MANAGEMENT
MARKET
Manx Financial Group PLC (LSE: MFX), the financial services
group, announces that it has obtained a Variation of Permissions
from the Financial Conduct Authority ("FCA") for its wholly owned
subsidiary, Manx Collections Limited ("MCL"), to manage and collect
debt on behalf of third-party lenders operating in the UK.
The Group remains committed to UK lending, both regulated and
unregulated and, as such, sees an opportunity to capitalise upon
its existing successful infrastructure and compliance resource to
service debt recovery. MCL will operate in accordance with best
practice on behalf of those lenders who do not wish to manage the
process for themselves. By implementing compliant and structured
debt settlement programs, MCL anticipates funders will be able to
continue lending to companies strong underlying fundamentals but
are currently at risk or default while their businesses recover and
adapt to a post-COVID world.
Douglas Grant, Executive Director of MCL, commented:
"As the SME debt burden continues to grow, an increasing number
of vulnerable companies are liable to default on their loan
obligations. It is imperative that lenders do not compound this
cycle by only supporting sectors and businesses that are resilient
and have been agile enough to already adapt to the new economy. The
FCA's approval allows MCL to work with businesses facing problems
using debt adjusting and debt counselling permissions to review and
restructure exposures. We believe these permissions will assist
others in ensuring that debt is managed in line with good conduct
and Treating Customers Fairly principles."
For further information, please
contact:
Manx Financial Group PLC
Denham Eke, Chief Executive
Tel +44 (0)1624 694694
Beaumont Cornish Limited
Roland Cornish/James Biddle
Tel +44 (0) 20 7628 3396
Greentarget Limited
Dafina Grapci- Penney
Tel +44 (0) 203 963 1887
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END
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