Car loan business has FCA fine slashed despite ‘serious’ failings
By Neasa MacErlean
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
If you are already a subscriber, please enter your details below to log in.