Online lender Naylors Finance enters administration
UK financial regulator The FCA has announced that effective 18 September 2023 Naylors Finance Limited entered into administration. Ed Boyle and Howard Smith of Interpath Ltd were appointed Joint Administrators of Naylors Finance.
Naylors Finance Limited is a high-cost lender based in Wakefield, West Yorkshire. The company has been providing (mainly) personal loans for over 40 years, for new and existing customers. Naylors’ online lending model allowed it to cover the whole of the United Kingdom.
The regulator stated that the firm is no longer lending. All existing loan agreements remain in place and the Joint Administrators will provide updates to customers as soon as possible.
Naylors’ administration does not change the payment terms and conditions of customers’ loans, which remain the same as when loans were taken out. The firm remains subject to the same regulatory rules and requirements as it did prior to its administration.
The FCA stated that Naylors customers should continue to make repayments as normal. Failure to do so could affect customer credit records. The FCA said it is in regular contact with the firm and the Joint Administrators regarding the fair treatment of customers.
Customers of Naylors Finance Limited who believe they are owed money by the firm will not be covered by the Financial Services Compensation Scheme (FSCS), as consumer credit lenders are not covered by the scheme.
The Joint Administrators will be providing further details about how complaints will be dealt with in due course.
More on the Naylors Finance administration can be seen on The FCA’s website here.