Promethean Finance Limited of International House, 61 Mosley Street, Manchester, M2 3HZ and FRN662425, pursuant to section 55L(3)(a) of the Financial Services and Markets Act 2000 (“the Act”), the Financial Conduct Authority (“the Authority”) has decided to impose the following requirements (“the Requirements”) on Promethean Finance Limited (“Firm”) with immediate effect:
1) By 4.30PM on 12 April 2023 the Firm must remove all “Non-Genuine Trading Names” registered on the Authority’s FS Register.
2) The Firm must not register and/or use any Trading Names without the prior written consent of the Authority.
3) Within 10 days of the Requirements coming into force, the Firm must provide, in a form to be agreed with the Authority, data confirming the number of customers that have been referred to the Firm by its trading names registered with the Authority (including all previous registrations of trading names no longer used) from March 2022 to the date of the Requirements coming into force.
4) Within 14 days of the Requirements coming into force, the Firm must conduct a review of all the Firm’s financial promotions, communications and those of its Appointed Representatives.
5) The Firm must make amendments to any financial promotions and/or communications identified at (4) above to ensure they comply with all relevant FCA Handbook Rules within 5 days of their review.
6) The Firm must provide a written report to the FCA detailing the number of financial promotions and communications withdrawn/amended in accordance with (4) and (5) within 7 days and provide the Authority with a list of breaches identified and amendments, or, if no such breaches are identified, provide written confirmation to the Authority that the Firm’s financial promotions (and those of its ARs) comply with the relevant requirements.
7) The Firm must conduct a review of its (i) systems and controls, and (ii) policies and procedures in relation to all financial promotion activities for which it is responsible, including the activities of all its Appointed Representatives, and provide a written report of the outcome of the review to the Authority within 3 weeks of the Requirements coming into force.
8) The Firm must secure all books and records and preserve all information and systems in relation to all activities carried on by it, including but not limited to regulated activities, and must retain these in a form and at a location within the UK, to be notified to the Authority in writing by no later than on within 7 days of the Requirements coming into force, such that they can be provided to the Authority, or to a person named by the Authority, promptly on its request.
9) By close of business on within 2 days of the Requirements coming into force, the Firm must publish in a prominent place on its website (https://www.prometheanfinance.co.uk/) in a form to be agreed in advance with the Authority, a notice setting out the terms and effects of these Requirements.
10) The Firm must as soon as possible, and by no later than close of business within 14 days of the Requirements coming into force, notify in writing all customers who have been referred to the Firm through its Non-Genuine Trading Names since March 2022 of the imposition of the terms and effects of the Requirements. This must be in a form to be agreed in advance with the Authority.
11) Once the notifications referred to in sub-paragraph (10) have been made, the Firm must provide to the Authority within 24 hours
i. copies of the template notifications sent to all recipients referred to in subparagraph (10);
ii. a list of all parties to whom notifications have been sent pursuant to subparagraph (10); and
iii. confirmation that, to the best of its knowledge, the Firm has sent notifications pursuant to sub-paragraph (10) to all relevant parties.
These requirements are to stay in place indefinitely, until either the Authority is satisfied that it should lift the Requirements or the Upper Tribunal makes an order to suspend them pending an appeal, the firm has submitted a reference to the Tribunal for an appeal, with a supplementary suspension application.
None of the firm's regulated activities are being curtailed in any way by the Requirements. The firm is free to conduct all activities for which it is still authorised and regulated, including the provision of debt advice.
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We are a financial solution company based in Sale, Manchester and are committed to providing our clients with the best quality debt management advice. No matter what your level of debt is we're sure our friendly, professional team can help you find a debt solution that is right for you. A debt solution could potentially help you more than half your debt repayments, so why not call our debt specialists today for an easy, no obligation consultation. There are no hidden fees, we're simply committed to helping you!
What We Offer
An IVA (Individual Voluntary Arrangement) is an agreement whereby you pay your creditors a set amount each month that you can afford, the rest of the debt is written off. It's most appropriate for those who have debts of more than £8,000 and cannot afford to meet repayments, who see missed payment charges incurred, interest increasing and their debt spiralling. However, the advisor will be able to shed more light on this and discuss whether it is the right option for you. We can tell you, without obligation, how best to get on a stable financial footing. Figures currently show that people in the UK have an average debt of £27,871.13 and no matter how much you are struggling, an IVA will help with your unsecured creditor payments you are struggling with.
Making an Informed Decision
| Advantages | Disadvantages |
|---|---|
| Creditors who vote against your proposal are still bound by it | Your IVA is entered on a public register |
| Creditors whose lending is unsecured can’t take any further action | The insolvency practitioner may require payment in advance for preparing your proposal |
| Your insolvency practitioner will help you prepare your proposal | If your circumstances change, and your practitioner can’t get creditors to accept amended terms, the IVA is likely to fail |
| You make only a single payment each month or quarter | If your IVA fails, you may be made bankrupt |
| On completion of the IVA, the balance of what you owe your creditors is written off | If there is some equity (value) in your home after taking account of the mortgage(s) on it, you will probably have to pay for your share, usually in the fifth year of your IVA, by remortgaging the property |
| Creditors may not approve the arrangement | |
| Your credit file will be affected for a period of 6 years |
For further information and a comprehensive overview of the advantages and disadvantages of this solution, please visit our dedicated page for IVAs.
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A trust deed is an agreement with your lenders that could help you if you don't think you can afford to repay everything you owe. You agree to repay as much as you can towards your unsecured debts - normally for four years - and at the end of that time, any remaining unsecured debt is written off. During your trust deed, you'll also be protected against further action from lenders included in the agreement - so they won't be able to make you bankrupt or demand higher payments.
Making an Informed Decision
| Advantages | Disadvantages |
|---|---|
| Reduce Hassle from creditors | It will affect your credit rating |
| Financial stability in 48 months* | You may have to sell or remortgage |
| Only your disposable income will be used to pay creditors | Only unsecured debts are covered |
| Able to negotiate terms | It will be advertisied in the local press, but only could be found if someone knows look |
| If you're a business, carry on trading | Creditors will be able to pursue you for any new debts |
| Creditors may not approve the trust deed | |
| Your credit file will be affected for a period of 6 years |
For further information and a comprehensive overview of the advantages and disadvantages of this solution, please visit our dedicated page for trust deeds.
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Sometimes, there’s simply no way to repay what you owe in a reasonable time. If your debts are particularly high and / or your income is low, you may need to think about declaring yourself bankrupt. Like an IVA (Individual Voluntary Arrangement), bankruptcy is a form of insolvency: it’s a legal process that will share out your assets fairly among your creditors, protect you from further legal action and upon successful completion (normally after 1 year), write off your outstanding debt allowing you to make a new start.
Making an Informed Decision
| Advantages | Disadvantages |
|---|---|
| Debts are written off, with certain exceptions explained below | Your bankruptcy is entered on a public register and is advertised |
| Creditors can’t take further action unless the debts are secured on your home or other property | Your employment may be affected |
| It allows you to make a fresh start after oAnly a year | You will remain liable to pay certain debts |
| You may be able to avoid having to sell your home if your spouse, partner or a relative can buy your share of its value after any debts secured on it have been paid | Any business you have will almost certainly be closed down |
| On completion of the Bankruptcy, the balance of what you owe your creditors is written off | If you apply to the court for your own bankruptcy, you will have to pay a court fee and deposit totalling £680 |
| Your credit file will be affected for a period of 6 years |
For further information and a comprehensive overview of the advantages and disadvantages of this solution, please visit our dedicated page for bankruptcy.
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Contact Details
Promethean Finance Ltd
International House
61 Mosley Street
Manchester
M2 3HZ
P: 0161 3933316
E: enquiry@prometheanfinance.co.uk
H: Monday - Friday: 10:00 AM to 7:00 PM