Vanquis Banking Group 20
VANQ · Main Market · Financial Services · mcap £173m · 70.5p 4 open situations →
Open · 4
CEO succession and interim leadership
Follows from Returns guidance reset – ROTE guidance cut; recovery pushed to 2027-28
CEO Ian McLaughlin will step down for personal reasons by the end of 2026, six weeks after the 2026 ROTE guidance cut. Deputy CEO John Natalizia, who leads technology and the Gateway programme, becomes Interim CEO subject to regulatory approval. The Board will search internally and externally for a permanent successor.
- Leaving
- Ian McLaughlin, CEO, steps down for personal reasons by no later than end of 2026
- Interim CEO
- John Natalizia, Deputy CEO (since April 2026) and CEO of Snoop, subject to regulatory approval
- Background
- Over 25 years in banking; Virgin Money and MBNA credit card roles; Snoop co-founder, joined Vanquis July 2023
- Search
- Board to run internal and external search for a permanent CEO
- Board view
- Chairman says Board has confidence in strategy and management under John Natalizia and CFO Dave Watts
- Transition
- John attends Board meetings; Ian works with him over the next few months
Next: Interim CEO takes over; external and internal search for successor
- 11 Sep 2026 CEO resigning; interim named, search starting
1 director buying
Follows from Returns guidance reset – ROTE guidance cut; recovery pushed to 2027-28
- 30 Jul 2026 Dave Watts £38k
Returns guidance reset
Led to CEO succession and interim leadership – CEO resigning; interim named, search startingLed to 1 director buying – £38k in 1 buy
Vanquis had guided to low double digit statutory ROTE for 2026 as recently as May 2026. At the half year it cut 2026 to low single digit, as lower Credit Card yields from new customers and cautious spending moderate returns. Low double digit is now 2027 and mid-teens 2028.
- 2026 ROTE
- Low single digit (previously low double digit)
- 2027 ROTE
- Low double digit
- 2028 ROTE
- Mid-teens
- 1H26 ROTE
- 2.5% statutory
- Cause
- More new customers at lower early yields; lower spending and utilisation by existing Credit Card customers
- Dividend
- Modest dividend intended with FY26 results if no significant UK economic deterioration
Next: FY26 results: dividend decision and ROTE delivery
- 30 Jul 2026 ROTE guidance cut; recovery pushed to 2027-28
FCA motor finance redress scheme
Next: finish scheme implementation review; response rates and costs
- 6 May 2026 Exposed to Scheme 2 only; provision unchanged £3.0m
- 27 Apr 2026 Not challenging; implementing; provision unchanged at £3.0m
- 26 Feb 2026 £3.0m provision held; exposure limited
- 5 Nov 2025 Consultation; £3.0m provision recognised
Closed · 5
Company filings. Not investment advice.