CashEuroNet UK tops FOS complaints table

17th September 2018

High-cost short-term lender CashEuroNet UK has topped the latest the Financial Ombudsman (FOS) complaints table.

Complaints against CashEuroNet UK shot up by more than 200 per cent in the first half of this year – more than double the rate that drove rival Wonga into administration.

But the data, from the Financial Ombudsman Service (FOS), which adjudicates on disputes between consumers and financial services firms, shows that in the six months to June CashEuroNet UK, owned by U.S. lender Enova International received more complaints than Wonga for the first time in recent years.

Its brands QuickQuid and Pound to Pocket together racked up 4,561 customer complaints, up from 1,447 in the previous six months and more than the 4,513 the FOS received against Wonga.

The data reflects how others in the industry, already struggling after the imposition of tighter regulation, could be vulnerable as firms that help consumers make claims turn their attention towards payday loans.

CashEuroNet UK’s UK Managing Director Nick Drew said it was committed to good lending practices and treating customers fairly. “Our business is profitable and growing, and we remain excited about the opportunities, especially in light of the diminished competition in the market,” he said in an emailed statement.

The most complained about banking and credit firms

Casheuronet UK 4,692
Barclays Bank 4,633
Wonga 4,520
NatWest 4,195
Lloyds Bank 3,786
HSBC 3,155
Bank of Scotland 2,837
Santander 2,503
TSB 2,143
Lending Stream 1,712

A full overview of the FOS complaints date for the whole industry can be viewed here.

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CashEuroNet UK tops FOS complaints table

The most complained about banking and credit firms

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