Provident Financial appoints ex-Just Group finance director as CFO after difficult 18 months

Doorstep lender Provident Financial has appointed Simon Thomas as chief finance officer as it begins to recover from a turbulent 18 months.

Thomas will join from FTSE 250 company Just Group where he was also finance director.

Current finance chief Andrew Fisher will step down from the role in December but will remain employed for a further three months to smooth the transition, the Bradford-based company said today. 

The move comes after a “difficult period” for the company which saw it hit by one of the biggest one-day sell-offs in FTSE 100 history in August last year after revealing that home credit collection rates had plummeted in the wake of an operational overhaul.

The company also settled a £2m fine with the Financial Conduct Authority in February after a probe found that the Vanquis credit card division had not properly informed customers about the cost of its Repayment Option Plan.

Fisher said: “Over the last 18 months Provident Financial has come through a very difficult period.

“With the company’s capital and liquidity position restored to one of strength, I have agreed with the board that now is an appropriate time to step down as finance director.

“I would like to thank all those past and present talented colleagues who I have worked with over my 12 years at Provident Financial, many of whom have become friends, and wish the company success for the future.”

Thomas added: "I am very excited to be joining Provident Financial as its new chief finance officer.

"The company has a strong social purpose and its customers need the access to credit the company provides.

"I look forward to working with Malcolm and the Board as we execute on the Group’s strategy and deliver for our customers and shareholders."

Shares in Provident Financial were up slightly on the news of Thomas’ appointment.