After finding “reckless” practices throughout the business, the Financial Conduct Authority (FCA) has banned a payday lender and its owner.
The financial regulator has published two prohibition notices, firstly to Andrew Barry Hart, director of Wage Payment and Payday Loans Limited (WPPL), and to WPPL itself.
The ban prevents Mr Hart from performing any role in regulated financial services. WPPL’s interim permission has also been revoked.
The FCA discovered that during the period 1 April 2014 to August 28 2014, Hart took a reckless approach to managing WPPL and to general compliance.
The FCA stated that these failings had a direct impact on WPPL’s customers, who were often treated unfairly and frequently misled. The business also failed to take reasonable steps to implement appropriate policies and procedures relating to credit-worthiness, affordability and forbearance.
Complaints lodged by customers were often disregarded, and on occasion significant funds were taken from customers’ bank accounts.
In some instances these practices led customers to financial loss, a proportion of whom were already in financial difficulties.
Source: Insolvency News
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