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Car loan business has FCA fine slashed despite ‘serious’ failings

Compliance Monitor

Car loan business has FCA fine slashed despite ‘serious’ failings

TheFCA has fined a Hampshire-based car payment arm of Provident Financial £2,774,400 for “serious breaches” involving “unfair treatment”of customers who fell into arrears. But the regulator says it gave the company,Moneybarn, “significant credit” — and a total 44 per cent discount on the fine— for voluntarily paying £30 million in redress without asking customers toprove that they had suffered financial detriment.

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