By now, most of our Members who have a facility with Ikano Bank will have received a notification, advising of their withdrawal from certain markets, including renewables.
We thought it prudent to advise the background to the withdrawal and assure you of our continued support.
First of all, this is a very different situation than the one we experienced in 2015, when Barclays Partner Finance (BPF) withdrew their facility causing a domino effect within the industry. Those of us who experienced first-hand the effect on consumer sales know what a difficult time it was. The industry was rife with mis-selling, and BPF alone set aside £38 million to deal with claims.
But the market is, with some exceptions, very different now. Indeed, Ikano Bank do not see their renewables portfolio as underperforming and, as they have a commitment to supporting climate change, intend to re-establish green funding in the future. They have recently reviewed their overall strategy, and have made the decision to cease new lending activities in the renewables sector from February 9th 2021.
Without the positivity shown by Ikano Bank when we first presented the EPVS ‘idea’ to them 5 years ago, it would have been far more difficult for us to establish the Scheme. They have proved an excellent partner over the years, and they will continue to be as we support their existing portfolios and potential future market opportunities when they arise.
We would like to thank Ikano Bank for being such supportive partners in the past, the present, and the green future.
We want to make sure that all our members continue to enjoy the benefits of a consumer finance facility with EPVS and if you have any concerns regarding a smooth transition to a new lender, please get in touch with us straight away – firstname.lastname@example.org
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