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.
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