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Evening Standard

Business

Mark Banham

Morses Club shares dip 40% on scheme to address customer claims

Morses Club has flagged its plans for a potential customer compensation scheme to the FCA
(Picture: REUTERS)

Doorstep sub-prime lender Morses Club’s shares fell 40% in early trading this morning as it announced it was to enter a “potential scheme of arrangement” to address customer compensation claims that “could jeopardise the group’s future”.

It said that a key objective of the potential scheme that has been identified to the regulator the Financial Conduct Authority (FCA) would be to treat all customers equitably and “settle eligible redress claims” arising from customer complaints over a defined period.

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