26th Aug 2015 13:49
LONDON (Alliance News) - International Personal Finance PLC on Wednesday said that new legislation introducing a cap on all non-interest costs of credit among other restrictions is expected to come into force by the end of the first quarter of 2016.
The lender has been working on a new product structure to comply with the amendments to the cost of credit, with the regulatory changes having posed an uncertainty for the company. Revisions to the drafted legislation were described by one analysts as a "body blow" for International Personal Finance and took 25% off its share price when they emerged in mid-July, as the previous expectation was that only mandatory, non-interest costs would be covered.
"Apart from a few minor technical amendments, the new legislation is in line with the company's previous expectations," International Personal Finance said in a statement.
The FTSE 250 company's update came after the legislation was signed earlier on Wednesday by Andrzej Duda, Poland's President.
International Personal Finance is among lenders that will be required to comply with the new legislation within six months from publication.
International Personal Finance shares were up 2.6% at 400.20 pence on Wednesday afternoon in London.
By Samuel Agini; [email protected]; @samuelagini
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