RNS Number : 6838H

Provident Financial PLC

07 April 2022

7 April 2022

Provident Financial plc ('Company')

Publication of 2021 Annual Report and Financial Statements and Notice of 2022 Annual General Meeting

The Company has today published the following documents:

   -      2021 Annual Report and Financial Statements; and 
   -      Notice of 2022 Annual General Meeting ('AGM'). 

In compliance with LR 9.6.1R, the 2021 Annual Report and Financial Statements and Notice of 2022 AGM have been submitted to the Financial Conduct Authority via the National Storage Mechanism and will shortly be available to the public for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. These documents will also be available on the Group's website from today at: www.providentfinancial.com/shareholder-hub.

Annual General Meeting

The AGM will be held at 3.00pm on Wednesday 29 June 2022 at the Company's offices at No. 1 Godwin Street, Bradford, West Yorkshire BD1 2SU.

Additional information

A condensed set of the Company's financial statements and information on important events that have occurred during the financial year and their impact on the financial statements were included in the Company's results statement (RNS announcement dated 31 March 2022 ("Preliminary results for the year ended 31 December 2021")). That information, together with the information set out below constitutes the material required by DTR 6.3.5R. This announcement is not a substitute for reading the 2021 Annual Report and Financial Statements in its entirety. Page, note and section references below refer to the corresponding pages and/or notes/section in the 2021 Annual Report and Financial Statements.

Contact: David Whincup, (0)1274 351 344


Principal risks

A description of the principal risks and uncertainties that the Company faces is extracted from pages 93 to 99 of the 2021 Annual Report and Financial Statements.

Principal risks are risks which are inherent to the Group's strategy and business model, and have formally been articulated as part of the Group's risk appetite framework. Principal risk categories and associated risk appetite statements are reviewed and approved by the Board on an annual basis, effectively defining the Group's overall risk appetite.

P1. Capital risk 
--------------------------------  -------------------------------------------------------------- 
Risk description                    Mitigating activities and other considerations 
 The risk that the                    *    The Group and bank operate within a defined capital 
 Group is unable to                        risk appetite, with thresholds reported to and 
 maintain appropriate,                     monitored by Group and bank Boards. The boards 
 minimum regulatory                        regularly review both the existing and forecast 
 capital or an internal                    capital position to ensure that planned capital 
 management buffer                         resources are sufficient for planned changes in the 
 to cover risk exposures                   balance sheet. 
 and withstand a severe 
 stress as defined 
 in its risk appetite                 *    In line with the PRA's requirements, the Group's 
 and in the ICAAP.                         Internal Capital Adequacy Assessment Process (ICAAP) 
                                           is updated at least annually and identifies the 
                                           levels of capital required under the regulatory total 
                                           capital requirement (consisting of Pillar 1 and 
                                           Pillar 2A risks) and any PRA and confidential buffers 
                                           (to the extent that any are required). The 2021 ICAAP 
                                           evidenced that the Group and bank will continue to be 
                                           able to meet their capital requirements including in 
                                           stress scenarios over a five-year time horizon. 
                                      *    In line with industry practice, to ensure 
                                           preservation of capital and support business 
                                           stability, the 2019 dividend was cancelled and no 
                                           dividends were paid by the Group to its shareholders 
                                           in respect of 2020. As the macroeconomic outlook has 
                                           now improved and in line with the Group's results, 
                                           the Group is proposing a dividend in respect of 2021, 
                                           to be paid in 2022. 
                                      *    In October 2021, the Group's first Tier 2 
                                           subordinated bond since 2005 was issued for an amount 
                                           of GBP200m. It has a 10.25-year maturity that is 
                                           callable at the Group's discretion between 5 and 5.25 
                                           years, and pays a coupon of 8.875%. The issuance was 
                                           written from the Group's GBP2bn EMTN Programme and 
                                           was oversubscribed by around 2 times in the market. 
                                           The issuance represents an important milestone as the 
                                           Group diversifies and optimises its sources of 
                                           capital in support of future lending growth. The 
                                           Group's risk monitoring measures have been updated to 
                                           take account of the Tier 2 issuance. 
                                      *    At 31 December 2021, the Group's CET1 ratio was 29.0% 
                                           (2020: 34.2%) and the total capital ratio was 40.4% 
                                           (2020: 34.2%). CET1 decreased over 2021 from GBP675m 
                                           to GBP505m, reflecting the costs of closing CCD and 
                                           the scheduled unwind of the IFRS 9 transitional 
                                           relief in regulatory capital. Total capital increased 
                                           over 2021 from GBP675m to GBP705m due to the issuance 
                                           of Tier 2 debt capital and includes GBP121m of Tier 2 
                                           capital to pre-fund future balance sheet growth. 
                                      *    On 13 December 2021, the Financial Policy Committee 
                                           (FPC) announced an increase to the UK countercyclical 
                                           capital buffer rate to 1%, to be implemented by 13 
                                           December 2022. Provided the UK economy continues to 
                                           recover, the FPC expects to increase the rate further 
                                           to 2% in quarter 2 of 2022, to take effect in quarter 
                                           2 of 2023. These increases are absorbed within the 
                                           capital plans of the Group and bank. 
                                      *    As previously reported, the Group and bank have 
                                           elected to phase in the impact of adopting IFRS 9 
                                           over a five-year period. In response to Covid-19, the 
                                           PRA ratified additional capital mitigation in 2020 
                                           which the Group also fully adopted. 
                                      *    The Group and bank plans for the unwind of the IFRS 9 
                                           transitional adjustment as part of both regular 
                                           capital planning and under stress scenarios. 
                                      *    The Group's Pillar 3 disclosures contain a 
                                           comprehensive assessment of its capital requirement 
                                           and resources. Pillar 3 disclosures for the year 
                                           ended 31 December 2021 are published separately on 
                                           the Group's website, www.providentfinancial.com. 
--------------------------------  ---------------------------------------------------------------- 
P2. Funding and liquidity 
--------------------------------  -------------------------------------------------------------- 
Risk description                    Mitigating activities and other considerations 
 The risk that the                    *    Liquidity and funding risk appetite is established at 
 Group has insufficient                    Group and bank level, with thresholds reported to and 
 liquidity to meet                         monitored by the Group and bank Boards. 
 its obligations as 
 they fall due, and/or 
 is unable to maintain                *    The Group's current funding strategy is to maintain 
 sufficient funding                        sufficient available funds and committed facilities 
 for its future needs.                     to pre-fund the Group's liquidity and funding 
                                           requirements for at least the next 12 months, 
                                           maintaining access to diversified sources of funding 
                                           comprising: (i) external market funding, including 
                                           retail bonds, institutional bonds and private 
                                           placements; (ii) securitisation; (iii) retail 
                                           deposits; and (iv) access to the Bank of England 
                                           Liquidity and Funding Schemes at Vanquis Bank. 
                                      *    The Group continued to utilise its auto loan 
                                           securitisation warehouse facility, drawing a further 
                                           GBP50m in February 2021, taking its total drawings to 
                                           GBP200m. The warehouse was refinanced and 
                                           restructured in July 2021 to improve the efficiency 
                                           of the usage of collateral such that drawn funding 
                                           increased to GBP275m with no significant increase in 
                                           asset encumbrance. The facility also provides for a 
                                           committed but currently undrawn amount of GBP50m 
                                           which provides contingent liquidity. 
                                      *    As at 31 December 2020, the Group had a 
                                           multi-currency RCF with a total facility size of 
                                           approximately GBP148m. In line with the Group's 
                                           strategy of reducing reliance on the RCF, some of the 
                                           new securitisation funds were used to reduce the 
                                           Group's RCF commitments, initially to GBP90m 
                                           alongside an extension of the facility to July 2023. 
                                           In line with the strategy to reduce its reliance on 
                                           the RCF as a source of funding, the Group took the 
                                           decision to early repay and cancel the facility in 
                                           March 2022. 
                                      *    In September 2021, the Group repaid its GBP65m, 6.0% 
                                           retail bond in line with its contractual maturity. 
                                      *    In October 2021, the Group successfully completed a 
                                           liability management exercise involving the partial 
                                           tender and repurchase of GBP71.5m of the then 
                                           outstanding GBP175m 8.25% senior bonds maturing in 
                                           June 2023, and the issue of GBP200m Tier 2 bonds 
                                           (described in capital risk above). 
                                      *    The above actions taken by the Group during 2021 
                                           extended the weighted average maturity of its 
                                           non-bank funding. 
                                      *    The bank accepts retail deposits and, in line with 
                                           its regulatory requirements, maintains high-quality 
                                           liquid assets to meet the liquidity coverage ratio 
                                           (LCR) and its internal stress tests as stipulated 
                                           within its Internal Liquidity Adequacy Assessment 
                                           Process (ILAAP). The Group and bank monitor and 
                                           report the LCR to the PRA on a consolidated and solo 
                                           basis as applicable. 
                                      *    The bank maintained a significant surplus of 
                                           liquidity against its regulatory and internal 
                                           requirements throughout 2021, and is managing this 
                                           down in a prudent manner as the uncertainty arising 
                                           from the pandemic is reduced. 
                                      *    In January 2021, the bank completed its inaugural 
                                           issue from its newly established credit card 
                                           receivable master trust. The transaction has been 
                                           rated (AAAsf/Aaa(sf)/AAAsf) by Fitch Ratings, Kroll 
                                           Bond Rating Agency and Standard & Poor's. The bonds 
                                           are listed on the London Stock Exchange. These notes 
                                           have enabled access to the Bank of England's 
                                           Liquidity and Funding Schemes. The majority of the 
                                           senior rated notes have now been pledged to the Bank 
                                           of England to support borrowing of GBP174m from the 
                                           Term Funding Scheme with additional incentives for 
                                           Small and Medium-sized Enterprises (TFSME). 
--------------------------------  -------------------------------------------------------------- 
P3. Market risk 
--------------------------------  -------------------------------------------------------------- 
Risk description                    Mitigating activities and other considerations 
 The risk to the Group's              *    The Group and bank have established interest rate 
 current and prospective                   risk appetites, with thresholds reported to and 
 capital and income                        monitored by Group and bank Boards. 
 position arising from 
 adverse movements 
 in interest rates.                   *    The Group and bank do not actively seek to take 
                                           significant unmatched positions and do not operate a 
                                           trading book. 
                                      *    Analysis of an interest rate sensitivity gap is 
                                           principally used to assess the Group's exposure to 
                                           interest rate risk by identifying unmatched duration 
                                      *    The Group and bank report their exposure to interest 
                                           rate risk considering earnings at risk (EaR) and 
                                           market value sensitivity (MVS). Risk appetite is 
                                           assessed against a 100bps and 200bps parallel shock 
                                           to interest curves respectively. Risk appetite has 
                                           also been established for economic value of equity 
                                           (EVE) which is monitored against a 200bps parallel 
                                           shift in rates, as well as the six standardised 
                                           shocks prescribed by the Basel Committee on Banking 
                                           Supervision (effective from the 31 December 2021). 
                                      *    The Group and bank also monitor their exposure to 
                                           basis risk, with the Bank of England base rate and 
                                           SONIA the only external reference rates for 
                                           on-balance sheet positions. The Group no longer has 
                                           any exposure to LIBOR having refinanced the RCF and 
                                           Moneybarn's securitisation facility in 2021, which 
                                           included revision to the external reference rate to 
--------------------------------  ---------------------------------------------------------------- 
P4. Credit risk 
--------------------------------  -------------------------------------------------------------- 
Risk description                  Mitigating activities and other considerations 
 The risk of unexpected             *    The Group has continued with a cautious approach to 
 credit losses arising                   credit risk through the pandemic. Arrears have 
 through either adverse                  remained low as consumers continued to receive 
 macroeconomic factors                   support via government initiatives, including the 
 or parties with whom                    furlough scheme. 
 the Group has contracted 
 failing to meet their 
 financial obligations.             *    Vanquis Bank has implemented a number of pre-emptive 
                                         measures to manage exposures as government support is 
                                         withdrawn. These include a limit decrease strategy 
                                         for the up-to-date, active book and restriction of 
                                         credit lines where external indicators of increasing 
                                         financial stress are present. 
                                    *    The Group has maintained prudent post-model 
                                         adjustments in its provision calculations to 
                                         compensate for the muting of credit risk indicators, 
                                         driven by government support measures through the 
                                    *    Concentration risks arising from the pandemic have 
                                         been considered by the Group's divisions. Populations 
                                         likely to be impacted by the pandemic have been 
                                         identified and are subject to ongoing monitoring. The 
                                         Group has continued to acquire additional data 
                                         sources to support the identification of customers 
                                         experiencing income shocks or other adverse financial 
                                         impacts. This data has been integrated into lending 
                                         decisions for our new and existing customers. 
                                    *    Performance of risk models is being closely monitored, 
                                         with adjustments implemented where any deviation from 
                                         expected performance is evidenced. 
                                    *    The Group continues to pursue opportunities to 
                                         supplement existing data sources to enhance both 
                                         credit and affordability risk, i.e. open banking. 
--------------------------------  ---------------------------------------------------------------- 
P5. Strategic risk 
--------------------------------  -------------------------------------------------------------- 
Risk description                  Mitigating activities and other considerations 
 The risk of making                 *    The Board and its sub-committees make risk-based 
 poor strategic decisions                decisions in the formulation of business strategy, in 
 related to acquisitions,                line with the delegated authority framework and 
 products, distribution,                 subject to independent oversight from the Risk 
 etc. as a result of                     function. 
 ineffective governance 
 arrangements, processes 
 and controls.                      *    Strategic redirection from high-cost to medium-cost 
                                         lending following the closure of CCD and SOA to cap 
                                         potential liabilities that would adversely affect the 
                                    *    Board governance manual and Delegated Authorities 
                                         Manual (DAM) in place to provide framework for key 
                                         decision making at all levels across the Group and 
                                    *    Executive director scorecards in place with reward 
                                         incentives based on a combination of financial and 
                                         non-financial measures. 
                                    *    Group risk appetite framework in place with agreed 
                                         measures and thresholds approved by the Group Board. 
                                    *    Strategic and emerging risks reported to the GERC and 
                                         GRC on any areas of concern. 
                                    *    Risk overlay completed annually by the Group CRO on 
                                         behalf of the RemCo to provide recommendations on 
                                         adjustments to variable reward where governance has 
--------------------------------  ---------------------------------------------------------------- 
P6. Climate risk 
--------------------------------  -------------------------------------------------------------- 
Risk description                  Mitigating activities and other considerations 
 The physical risk                  *    Climate risk adopted as a Group principal risk, with 
 of the impacts of                       supporting risk appetite established to provide 
 climate change and                      greater focus on compliance with the Task Force for 
 the business risk                       Climate-related Financial Disclosures (TCFD) 
 posed to the Group                      recommendations, forming the basis for the 
 and its counterparties                  development of science-based targets from 2022 
 related to non-compliance               onwards. 
 costs and financial 
 loss associated with 
 the process of adjusting           *    Group-wide climate strategy and policy in place to 
 to a low-carbon economy.                ensure appropriate governance, controls and processes 
                                         are in place to support compliance with TCFD 
                                         recommendations and broader ESG strategy (including 
                                         net-zero targets). 
                                    *    Climate Risk Committee operational, supported by 
                                         Climate Risk and Environmental Working Groups, 
                                         facilitating integration of climate considerations 
                                         into the Group's broader Risk Management Framework 
                                         through its reporting lines into the Customer, 
                                         Culture and Ethics Committee and Group Executive 
                                    *    New scenario analysis and stress testing framework in 
                                         development to drive enhanced monitoring of PFG's 
                                         exposure to material short and long-term impacts of 
                                         transition and physical climate-related risks, and to 
                                         inform forward-looking strategy. ICAAP activity 
                                         continues to take account of material climate-related 
                                         financial impacts, meeting PRA requirements. 
                                    *    Monitoring of material supplier emissions and 
                                         colleague and customer impacts, such as altered 
                                         commuting activity and changes to living costs, 
                                         including energy price increases. 
                                    *    Continued offsetting of direct operational (scope 1 
                                         and 2) greenhouse gas emissions via investment in 
                                         sustainable development projects and all the Group's 
                                         main premises certified to the environmental 
                                         management standard ISO 14001:2015. 
--------------------------------  ---------------------------------------------------------------- 
P7. Legal and governance 
--------------------------------  -------------------------------------------------------------- 
Risk description                  Mitigating activities and other considerations 
 The risk that the                  *    Board governance manual and Delegated Authorities 
 Group is exposed to                     Manual (DAM) in place to provide framework for key 
 financial loss, fines,                  decision making at all levels across the Group and 
 censure or enforcement                  divisions. 
 action due to failing 
 to comply with legal 
 and governance requirements        *    Board effectiveness is assessed on annual basis with 
 as a result of ineffective              action plans in place to promote a culture of 
 arrangements, processes                 continuous improvement. 
 and controls. 
                                    *    Explicit approval from the Group Board is required 
                                         before decisions and actions that could result in 
                                         risks outside of appetite are made. 
                                    *    Conflicts of Interest Policy and processes in place 
                                         to ensure all employees meet their fiduciary 
                                    *    All regulatory interactions are recorded and tracked, 
                                         with regular reporting through our executive and 
                                         Board committees to ensure consistency and read 
                                         across through a Group lens. 
                                    *    The Group proactively engages with regulatory 
                                         authorities and industry bodies on forthcoming 
                                         regulatory changes. 
--------------------------------  ---------------------------------------------------------------- 
P8. Financial crime 
--------------------------------  -------------------------------------------------------------- 
Risk description                  Mitigating activities and other considerations 
 The risk that the                  *    The Group is committed to operating a strong and 
 Group's products and                    risk-proportionate set of systems and controls to 
 services are used                       manage the risk within appetite. 
 to facilitate financial 
 crime against the 
 Group, customers or                *    Financial crime improvement programme in Vanquis, 
 third parties.                          primarily focused on implementing enhanced 
                                         surveillance technology, has largely been completed. 
                                    *    Financial crime risk appetite statement and metrics 
                                         refreshed providing improved insight of the key risks 
                                         to senior management. 
                                    *    Regulatory actions and notifications are 
                                         managed/monitored in line with relevant timescales 
                                         and regular horizon scanning is in place to identify 
                                         relevant and significant regulatory change. 
                                    *    New financial crime risk assessment methodology 
                                         implemented which will enhance identification of 
                                         financial crime risks and threats and how these are 
                                         mitigated through the organisation. This has begun 
                                         with Vanquis and will be rolled out across the Group. 
                                    *    System investment for PSD II and better decision 
                                         making science within the ruleset resulting in less 
                                         losses and victims of fraud within Vanquis. 
--------------------------------  ---------------------------------------------------------------- 
P9. Conduct and regulatory 
--------------------------------  -------------------------------------------------------------- 
Risk description                  Mitigating activities and other considerations 
 Conduct risk: The                  *    Conduct risk appetite refreshed providing greater 
 risk of customer detriment              focus on outcome measures. 
 due to poor design, 
 distribution and execution 
 of products and services           *    New Conduct Risk Framework is being developed to 
 or other activities                     provide improved monitoring of customer outcomes 
 which could lead to                     across all high-risk interactions including lending, 
 unfair customer outcomes                forbearance, vulnerability and complaints. 
 or regulatory censure. 
 Regulatory risk: The 
 risk that the Group                *    Conduct policies and procedures in place at a 
 is exposed to financial                 divisional level to ensure appropriate controls and 
 loss, fines, censure                    processes that deliver fair customer outcomes. 
 or enforcement action 
 due to failing to 
 comply with laws or                *    New Group Responsible Lending Policy has been 
 regulations (including                  developed providing overarching principles for all 
 handbooks, codes of                     the divisions in response to the changing regulatory 
 conduct, and statutory                  environment and requirements around sustainable 
 and regulatory guidance).               lending. 
                                    *    During the pandemic we have ensured that our 
                                         customers continue to receive the service they need 
                                         during these difficult times, in particular the 
                                         provision of payment deferrals in line with FCA 
                                    *    A number of regulatory programmes remain under close 
                                         management, most notably Persistent Debt and PSD II 
                                         (SCA). Projects are in place to oversee delivery and 
                                         updates provided to the regulators as required. 
                                    *    Establishment of Group Complaints Forum and reporting 
                                         to ensure we are learning from complaints trends 
                                         across the divisions, including any FOS referrals or 
                                         upholds and actions of claims management companies. 
                                         This has resulted in a number of strategic changes 
                                         outlined in our emerging risks 'Threats to our 
                                         business model' and 'Responsible lending'. 
--------------------------------  ---------------------------------------------------------------- 
P10. People risk 
--------------------------------  -------------------------------------------------------------- 
Risk description                  Mitigating activities and other considerations 
 The risk that the                  *    Harmonisation of People and Human Resource functions 
 Group fails to provide                  into central shared service. 
 an appropriate colleague 
 and customer-centric 
 culture, supported                 *    Move to Group-consistent framework for performance 
 by robust reward and                    management including the roll-out of 'Be Better' 
 wellbeing policies                      objective setting. 
 and processes, effective 
 leadership to manage 
 colleague resources,               *    Succession plans completed and in place for all 
 effective talent and                    executive and senior management. 
 succession management, 
 and robust controls 
 to ensure all colleague-related    *    Balanced scorecards introduced and aligned across the 
 requirements are met.                   Group and divisions with clear frameworks and 
                                         evaluation criteria established through RemCo for 
                                         variable pay. 
                                    *    A number of ongoing communications have been and 
                                         continue to be shared with colleagues at a Group and 
                                         divisional level to keep them informed of business 
                                         changes to support wellbeing. 
                                    *    Full health and safety risk assessment completed of 
                                         all our key work locations with mitigating actions 
--------------------------------  ---------------------------------------------------------------- 
P11 . Technology and 
 information security 
--------------------------------  -------------------------------------------------------------- 
Risk description                  Mitigating activities and other considerations 
 The risk arising from              *    An IT First Line Controls Review (FLCR) is in 
 compromised or inadequate               progress which will baseline and standardise risk 
 technology, security                    management and control across the Group's IT 
 and data that could                     functions. 
 affect the confidentiality, 
 integrity or availability 
 of the Group's data                *    Group-wide security improvement programme has been 
 or systems.                             initiated to deliver an ISO 27001 aligned framework. 
                                    *    The investment and development of a new Group IT 
                                         platform capable of housing multiple products, the 
                                         new Sunflower Loans business being the first, and 
                                         addressing technical debt/legacy issues being 
                                         faced/experienced across the Group. 
                                    *    Data Protection Officer (DPO) reporting transferred 
                                         to the Group Risk function to reinforce independence 
                                         of office covering oversight arrangements. 
                                    *    Group governance and centres of 
                                         excellence/communities of interest have been 
                                         established for security, architecture, resilience 
                                         and risk (GRC). 
--------------------------------  ---------------------------------------------------------------- 
P12. Operational risk 
--------------------------------  -------------------------------------------------------------- 
Risk description                  Mitigating activities and other considerations 
 The risk of loss resulting         *    The 3LOD model throughout the Group ensures there are 
 from inadequate or                      clear lines of accountability between management 
 failed internal processes,              which owns the risks, oversight by the Risk function 
 people and systems                      and independent assurance provided by Internal Audit. 
 or from external events. 
                                    *    Operating arrangements put in place in response to 
                                         the Covid-19 pandemic have become business-as-usual 
                                         practice as we continue to operate in an agile 
                                    *    Risk Harmonisation Programme launched to build out 
                                         single ERMF including control self--assessment, 
                                         consolidated risk policy taxonomy, and risk 
                                    *    The operational risk and control self-assessment 
                                         methodology has been enhanced and expanded to cover 
                                         the full suite of risks facing the Group with more 
                                         timely reporting, monitoring and escalation. 
                                    *    Vanquis Risk Enhancement Programme to enhance first 
                                         line risk and control activity established and 
                                         significantly progressed against its objectives. 
                                    *    Group Transformation function has been established to 
                                         provide central change and programme management 
--------------------------------  ---------------------------------------------------------------- 
P13. Model risk 
--------------------------------  -------------------------------------------------------------- 
Risk description                  Mitigating activities and other considerations 
 The risk of loss as                *    Further embedding of the new Group Model Risk 
 a consequence of decisions              Management Framework and Model Risk Policy as well as 
 that are based on                       the development and implementation of necessary 
 incorrect or misused                    supporting modelling standards. 
 model outputs and 
 poor governance or 
 errors in the development,         *    Material models across the Group are independently 
 implementation, or                      validated as required in the policy and as per the 
 use of models.                          independent model validation plan. 
                                    *    Group model inventory, containing key models across 
                                         the Group, is reviewed and updated on a regular basis 
                                         and has all the necessary information to enable 
                                         effective model risk reporting and planning. 
                                    *    High-risk issues and findings on material models are 
                                         addressed urgently and outstanding model risk issues 
                                         and findings are monitored and reported to relevant 
                                         governance forums across the Group. 
                                    *    Group Model Governance Forum meets regularly and 
                                         effectively provides model risk oversight and drives 
                                         standardised approach to model development and 
                                         governance across the Group. 
                                    *    Model risk target operating model delivered including 
                                         the recruitment of additional resources to enhance 
                                         the current model validation and governance 
--------------------------------  ---------------------------------------------------------------- 

Responsibilities statement

The Directors' responsibilities statement is extracted from page 168 of the 2021 Annual Report and Financial Statements.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors are required to prepare the Group financial statements in accordance with relevant IFRS, IFRIC interpretations and the Companies Act 2006.

 Patrick Snowball     Chairman 
 Malcolm Le May       Chief Executive Officer 
 Neeraj Kapur         Chief Finance Officer 
 Andrea Blance        Senior Independent 
 Angela Knight        Non-Executive Director 
 Elizabeth Chambers   Non-Executive Director 
 Margot James         Non-Executive Director 
 Paul Hewitt          Non-Executive Director 
 Graham Lindsay       Non-Executive Director 

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(END) Dow Jones Newswires

April 07, 2022 08:34 ET (12:34 GMT)

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