We use cookies to improve your website experience. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. By continuing to use the website, you consent to our use of cookies. Close

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.

The rest of this document is only available to i-law.com online subscribers.

If you are already a subscriber, please enter your details below to log in.

Enter your email address to log in as a user on your corporate account.
Remember me on this computer

Not yet an i-law subscriber?

Devices

Request a trial Find out more