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£2.6 million compensation payout for misled Wonga customers
Following an investigation by the OFT and FCA, payday lender Wonga has agreed to pay £2.6million in redress to customers to whom they sent debt collection letters by fake law firms. The tactic has been...
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Improvements in creditor response times under new FCA regime
Harrington Brooks reports significant changes in creditor behaviour since the Financial Conduct Authority (FCA) began their new regime and also outlines plans for a smoother working relationship with...
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PPI Complaints Drop, But 2.5M Cases Are Reopened
The FCA has released a report announcing an overall improvement in the way companies deal with PPI complaints, with consumer complaints to firms dropping by 11% over 6 months to 1.24 million. The...
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Payday Lenders Competition Encouraged by CMA
The Competition and Markets Authority has proposed that payday lenders make their prices and costs more transparent so as to create greater competition in the sector. Recommendations should make it...
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FCA Cap for Payday Loans Confirmed
The Financial Conduct Authority (FCA) has confirmed limits on costs, fees and interest charged by payday lenders, following wide consultation with various industry stakeholders. Stella Creasy, Labour...
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