Credit, Collections & Insolvency News
Provident Financial customers can now claim compensation for mis-sold loans after the High Court backed a partial repayment scheme. The company has set aside £50 million to meet claims from borrowers who were sold unaffordable loans. The Court agreed to the scheme despite the fact that customers will not get a full refund after the…
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The Financial Conduct Authority (FCA) is proposing changes to its decision-making process which will enable it to make faster and more effective decisions which will help improve how it tackles firms and individuals who do not meet the required standards. The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to…
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The Financial Conduct Authority (FCA) has criticised Provident Financial’s plans to cap compensation for customers of its failed doorstep lending arm,. The regulator has also said it would not oppose the lender in court. Provident has set aside £50 million under a scheme of arrangement to reimburse customers who were mis-sold loans. The FCA said…
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