Payday lender repays over £34 million for bullying business practices

CFO Lending has agreed with the Financial Conduct Authority to extend over £34 million in redress to more than 97,000 customers because of its unfair practices. This will take place through the lender – which also traded as Payday First, Flexible First, Money Resolve, Paycfo, Payday Advance and Payday Credit – writing off £31.9m in customers’ outstanding balances and making £2.9m of cash payments.