Humm Valuation - What is Sensible, page-42

Banks hived off much of their retail operations in consumer and business finance and now cherry pick a smaller segment of the market, leaving the bulk majority to the smaller organisations who could not believe their luck when they realised they had a red hot go at entering into mass markets. MME tripped over its shoelaces in its rush to ramp itself up, has had a near death experience and is yet to recover, but the whole industry of money lending is on the nose at present, perhaps oversold. IMO that explains the lack of enthusiasm.