Provident Financial Plc’s shares and bonds tumbled after the British subprime lender forecast a full-year loss and revealed it’s being probed by regulators. Chief Executive Officer Peter Crook stepped down.
The U.K. Financial Conduct Authority is investigating the Vanquis Bank credit-card unit, and the regulator had previously ordered Provident to stop offering a particular repayment product, the company said Tuesday. Provident scrapped its interim dividend and said a full-year payout is also unlikely. Manjit Wolstenholme will temporarily run the firm as executive chairman.