Provident says EY backs lender's assessment of doorstep division
June 21 (Reuters) - An independent assessment by Ernst and Young reiterated on Monday that subprime lender Provident Financial's doorstep lending unit will likely face insolvency if its 50-million-pound settlement plan is not endorsed by a UK court.
Provident said on Monday that the division, which lent to people who are turned away by mainstream banks, was placed into a managed run-off last month, after a surge in customer complaints against it. Rival Amigo's rescue plan was rejected by the court in May. (Reporting by Muvija M in Bengaluru; editing by David Evans)
