• Stock: The J.G. Wentworth Company® OTCQX:JGWE
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The J.G. Wentworth Company® Calls for Industry-wide Adoption of Stronger Consumer Protection Standards in Structured Settlement Payment Purchases

 

RADNOR, PA, November 13, 2015 — The J.G. Wentworth Company ® (“J.G. Wentworth” or the “Company”) (NYSE: JGW), a diversified consumer financial services company, will call upon the members of the National Association of Settlement Purchasers (NASP) attending its annual conference to adopt stronger standards to increase industry transparency, consumer education and oversight. Taken together, these standards would help ensure consumers can confidently navigate the structured settlement secondary marketplace and get the liquidity they need.

Specifically, J.G. Wentworth will be calling upon the industry to address the following areas:

  1. Enhanced Transparency: The industry already has worked to establish robust disclosures through legislation in numerous states, including judicial review of structured settlement payment sales. The industry should now bolster that transparency through steps aimed at allowing consumers to quickly and easily assess a company’s performance and other important information about transactions they may be considering.
  1. Consumer Education: Any consumer considering participation in the secondary market for structured settlements needs to fully understand the transaction they are participating in and the financial implications of it. The industry should build upon its already strong record in this area by providing greater access to financial education materials and programming.
  1. Oversight: While all structured settlement payment purchasers must comply with applicable laws in the states in which they operate, enhanced oversight can further protect consumers from any bad actors. NASP can serve as a powerful vehicle for enhanced industry self-regulation and the industry should work with relevant government agencies at all levels to explore ways to implement appropriate oversight, while allowing for a dynamic, innovative marketplace that responds to consumer demand.

These proposed standards are an extension of longstanding efforts by J.G. Wentworth and NASP to promote consumer protection, including efforts to enact model consumer protection laws in all 50 states. Support for improved laws in states like Wisconsin and Illinois have ushered in reforms requiring sellers of structured settlement payments to personally appear at the hearing on the application and strengthening the disclosure language around settlement transfers. Similar efforts are currently being made in Maryland, Virginia and Florida, where sponsors for legislation have been secured.

About The J.G. Wentworth Company®

The J.G. Wentworth Company® is a diversified consumer financial services company. The Company is focused on providing direct-to-consumer access to financing needs through a variety of solutions, including: mortgage lending and refinancing, personal lending, structured settlements payment purchasing, and prepaid cards. Through the J.G. Wentworth, Peachtree Financial Solutions, and Olive Branch Funding brands, the Company is the leading purchaser of structured settlement payments.

Mortgage loans are offered by J.G. Wentworth Home Lending, Inc. NMLS ID # 2925 (www.nmlsconsumeraccess.org), 3350 Commission Court, Woodbridge, VA 22192; 888-349-3773.

For more information about The J.G. Wentworth Company®, visit www.jgw.com or use the information provided below.

This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.

Contacts:

Erik Hartwell, VP, Investor Relations

866-386-3853

investor@jgwentworth.com

or

Media Inquiries

The Glover Park Group

Ray Conger, 202-292-6961

rconger@gpg.com