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Who Wants to Be a Banker? PCF Bank Is Continuing to Innovate

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Who Wants to Be a Banker? PCF Bank Is Continuing to Innovate VOL 11 I NO 122 I 2018 FOR THE UK EQUIPMENT LEASING AND ASSET FINANCE PROFESSIONAL Who wants to be a banker? PCF Bank is continuing to innovate www.leasingworld.co.uk n PROFILE PCF Bank continuing to innovate PAGE 10 n FEATURE The toughest job in asset finance? PAGE 14 n FEATURE Investec leading by example PAGE 20 n FEATURE 2017: a case of living in interesting times? PAGE 22 CONTENTS IN THIS ISSUE VOL 11 I NO 122 I 2018 FOR THE UK EQUIPMENT LEASING AND ASSET FINANCE PROFESSIONAL Who wants to be a banker? PCF Bank is continuing to innovate www.leasingworld.co.uk I PROFILE PCF Bank continuing to innovate PAGE 10 I FEATURE The toughest job in asset fi nance? PAGE 14 I FEATURE Investec leading by example PAGE 20 I FEATURE 2017: a case of living in interesting times? PAGE 22 20 Paul Cunningham, Investec PUBLISHER LeasingWorld Ltd Oakhill House Uphampton Droitwich Spa Worcs. WR9 OJR, UK T: +44 (0)1905 621444 E: [email protected] www.leasingworld.co.uk 16 Identity Fraud 06 Simply Asset Finance Published by LeasingWorld Ltd Company No: 5387699. ISSN 1749-3501 Printed in England by Pensord, Tram Road, Pontllanfraith, NEWS FEATURES Blackwood NP12 2YA UK NEWS 10 PROFILE: Who wants to be a banker No part of this publication may be 4 FLA completes 25th year How PCF Bank is continuing to innovate resold, reproduced or transmitted in in the leasing industry any form or by any means, electrical, 5 Investec beefs up block mechanical, photocopying, recording 6 Simply Asset Finance wins £60m 14 The toughest job in asset finance? or otherwise without the prior written 7 Apollo gets Haydock majority Credit underwriting: the hardest job in the asset finance permission of the publisher. 8 D&D Leasing Gala raises £7,500 LeasingWorld Ltd, Oakhill House, business? Uphampton, Droitwich Spa, Worcs WR9 0JR. 9 Looking at the UK through the Chancellor’s eyes CITY NEWS 19 Consumer-led slowdown, and not economy contraction SUBSCRIPTIONS Philip Shaw, Chief Economist at Investec Bank plc, 17 1PM PLC: Issue of equity / Director/PDMR dealings speaking at the Investec Annual Conference gave the LeasingWorld Annual subscriptions 17 Strong trading at PCF Bank delegates his take on the UK economy and its prospects • 12 hard copy UK Leasing World magazines sent by surface mail – £360 20 Investec leading by example Digital Upgrade • 12 hard copy UK Leasing World magazines REGULARS Robin Skuse, Associate Editor at Leasing World, reports sent by surface mail • PLUS Digital edition – £425 ROUND THE ASSOCIATIONS 21 In praise of experience DIGITAL Edition 12 All the latest news and events Philip Knight of Asset Advantage The Digital version is a Flickread powered ASPECTS OF FRAUD “page-turner”copy of the hardcopy 16 Identity fraud – Directors beware, Allan Foad reports 22 Unfortunately, we are living in interesting times publication, and the url link is sent out by Chris Boobyer reflects on 2017 email the day before surface mailing. The LEGAL Digital version has “live” links to advertisers’ websites, surveys, and report downloads. 17 Front of mind by Joanne Davis 24 A look at Paragon Bank’s Business Finance activities Paragon Bank’s latest Annual Report gives detailed TO SUBSCRIBE DATABANK insight into how they have integrated their recent asset 26 UK new business finance October 2017 ONLINE at www.leasingworld.co.uk/ finance acquisitions freepages/subscribe.php OR CITY CHATTER Telephone or email the publisher, on +44(0)1905 621444 or 28 The Welsh Dragon [email protected] 28 Old Moore BACK IN THE OFFICE 29 No, it’s not going away! MOVES 30 A roundup of who has moved where EVENTS LeasingWorld 31 Leasing Events Calendar 2018 2 VOL 11 I NO 122 2018 www.leasingworld.co.uk EDITOR’S COMMENT LeasingWorld ’ve just been reading the Business section of the Straits Times, Singapore’s respected daily broadsheet. The article that caught my eye was about I Singapore’s SMEs and the problems they face in 2018. These include late payment from customers, finding staff, real barriers to doing business abroad, and the economic and political uncertainties affecting investment decisions. Funny enough, those sound like the same problems that UK SMEs face, but we also have additional challenges like grappling with GDPR, auto-enrolment pensions for all staff, and meeting Financial Services Supplier Qualification System requirements. Are UK SMEs witnessing the end of everything that used to be simple? EDITORIAL The end of everything that used to be simple? I’ll leave that to be pondered, in the meantime the UK asset finance industry Jan Szmigin continues in good health and lessors appear to be moving into 2018 with the Publisher heart saying Keep hoovering up the business, and the head saying, “But we T: +44 (0)1905 621444 E: [email protected] should be careful.” Developing on the theme of caution, Chris Boobyer of international consultancy Invigors EMEA LLP, in his analysis on Page 22, writes about Chinese curses and the issues that constantly came up in 2017, such as Digitalisation. He complains that after sitting through countless conferences on the subject, most delegates say they are none the wiser about it. But he does fear that our industry is under far greater threat of change, risk of disintermediation and irrelevance than at any time, and counsels that lessors should be much more on their guard. Also in this edition, we profile PCF Bank, a wonderful example of “from little acorns . .” and many were aware of its modest beginnings as Private Robin Skuse Associate Editor and Commercial Finance Group on the AIM market, with its small portfolio, T: +44 (0) 7721 727554 mainly cars. Its progress has been featured on Leasing World’s City Pages for E: [email protected] many years, and now it’s a fully paid up bank with sharply priced funds from deposit-taking, and eyeing the opportunities in the market for asset and deal size diversification. Talking of little acorns, some time ago we started a Charity Totals table for the asset finance industry on our website www.leasingworld.co.uk, which has steadily gained traction, and now we can report that we recorded £193,377 raised by our industry for charity in 2017. But we suspect the true total is nearer half a million, so for 2018 we would encourage you to either email us with your charity donations so we can update the tables, or have a go at Allan Foad entering them yourselves, as the online table is fully interactive. Let’s see if it Contributing Editor really does reach half a million by the end of the year! n E: [email protected] JAN SZMIGIN [email protected] City Slicker City Chatter column E: [email protected] www.leasingworld.co.uk VOL 11 I NO 122 2018 3 UK NEWS > IN BRIEF FLA completes 25th year t the end of year festive celebrations over the Summer to correct press CHARITY TOTALS FOR 2017 Aat Haberdashers’ Hall in the heart of misunderstandings about the work of Leasing World’s fledgling listing of charity the City of London, Stephen Sklaroff, the regulators in FLA markets, resulting donations by our industry (see http://www. director general of the Finance & Leasing in coverage of the FLA’s position in more leasingworld.co.uk/charity.php) recorded Association (“FLA”) gave his signature than 100 national newspaper articles a substantial figure of £193, 377 that was address to an enthusiastic gathering. and in numerous broadcast interviews raised for charity in 2017. We know, however, “Although this Hall has a distinctly 7. And we’ve seen a series of more helpful that this is just the tip of the iceberg, and modern feel, the Haberdashers Company’s comments recently from both the FCA in 2018 we will be striving to record every history stretches back to 1371 – almost 650 and the Bank of England. charity donation by any company connected years. Which means that the FLA is nearly 4 8. These include that the Bank has with the asset finance industry – it is our percent as old as the Haberdashers, because found no evidence that the growth in guess that our industry raises nearer to half we reached the ripe old age of 25 this year! As consumer credit in recent years has many of you know, we celebrated our 25th been primarily driven by a material a million pounds for charity each year, and by Anniversary back in July, with a gathering of lowering of credit policies or scoring, or the end of 2018 we’d like to have some hard members from all three Divisions including of the sort of issues they saw before the numbers to prove it. no less than 12 former Chairmen. financial crisis. It was a great evening and my conclusion 9. That the Bank is relatively sanguine ALDERMORE ALMOST THERE is that we must have these 25-year about motor finance, and that the effect Aldermore Group PLC confirmed that anniversaries more often! of the recent stress-tests (going far shareholders (over 99pct) have approved the Before I say a few words about the past beyond anything seen historically) was merger between it and FirstRand International 12 months, I should quickly mention our pretty negligible. Ltd in the Court and General Meeting. The latest market statistics, which remain very 10. That motor finance anyway only offer to acquire Aldermore was 313p per encouraging. Asset finance new business represents 1.2 percent of household share, valuing the company at £1.08 billion.
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