UK’s Provident Financial to close troubled doorstep-lending arm

UK's Provident Financial said on Monday it was exiting its 141-year-old doorstep-lending division, adding that it has begun a consultation process for 2,100 employees, as the pandemic delivered the final blow to the loss-making business.

"In light of the changing industry and regulatory dynamics in the home-credit sector, as well as shifting customer preferences, it is with deepest regret that we have decided to withdraw from the home-credit market," the company said as it reported a loss for 2020 versus a year-ago profit.