Troubled Bradford-based Provident Financial said former CEO Peter Crook, who resigned from the firm 11 days ago amid major problems, “has agreed to forgo his base salary, pension accrual and benefits for his contractual twelve-month notice period.”

Provident Financial added: “He will also not be eligible to receive any annual bonus award in respect of that period, and will not be eligible for annual bonus in respect of the portion of 2017 that he worked.”

However, Crook has a pension of £1.262 million which will be paid, net of income tax and national insurance, when he is 55 on July 15, 2018.

On August 22, shares of sub-prime doorstep lender Provident Financial plummeted more than 70% after it issued a second profit warning in roughly two months and said CEO Crook would leave the company and its dividend would be suspended.

Provident Financial also said on August 22 the UK’s Financial Conduct Authority (FCA) had launched an investigation into its Vanquis Bank business.

The fall in the firm’s share price wiped about £2 billion off its stock market value on that day.

Provident Financial has been experiencing major problems with its move from using self-employed agents to directly employed debt collection agents called “customer experience managers.”

On August 25, Provident Financial shares rebounded 20% after it announced it re-hired former executive Chris Gillespie as managing director of its home credit business and made other management changes.