Update on NCC super-complaint

Provident Financial PLC
10 June 2004



Provident Financial update on NCC super-complaint


Provident Financial understands that the National Consumer Council is to
announce the findings of its research into the UK home credit sector on Monday,
June 14, 2004 and expects it to launch a super-complaint about the
competitiveness of the whole home credit sector to the Office of Fair Trading
under the Enterprise Act 2002.


Provident Financial commented on the research being undertaken by the NCC in its
preliminary announcement on 26 February 2004.  Provident Financial reiterates
that its home credit customers are highly satisfied with the personal service
provided and that the home credit product is ideally suited to the needs of its
customers. Barriers to entry are low, as demonstrated by the number of new
entrants-146 companies have entered the home credit sector during the last five
years. Furthermore, most home credit customers use other credit products such as
mail order, overdrafts and credit cards in a large and increasingly competitive
market for small sum credit.


Robin Ashton, Chief Executive of Provident Financial said: 'The home credit
sector gives customers access to small sum credit in a way that suits them.  We
lend money to a wide range of people who want to borrow small amounts that they
can pay back conveniently from their homes in regular affordable repayments.
There are no hidden or extra charges whatsoever-even if they are late in
repaying their loan.  Provident Financial is a responsible lender operating in
an increasingly competitive market with transparent products and a home service
which is highly valued by our customers.'


Provident Financial will co-operate fully with the OFT's investigation of the
super-complaint.




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