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Woodford-backed Provident slammed for advertising rule breach

January 02, 2019 / Justin Cash

Credit provider Provident noted for its staunch support from star manager Neil Woodford has been told not to publish a Christmas advert again over fears it put “emotional pressure” on consumers to take out short-term loans. The company, which offers online loans, credit cards and vehicle finance, made up around 5 percent of both Woodford’s Income Focus and Equity Income funds as at the end of November. Just before Christmas, Provident sent a direct mailing to customers advertising short-term cash loans of between £100 and £1000. The page featured photos of a small child smiling, wearing a Christmas cracker hat with Christmas lights in the background, two girls laughing as they hung tinsel around an older man, and two people in winter coats hugging on a railway station platform.