The FCA has banned a bridging lender from taking on new business until it can prove it is abiding by the regulator’s rules.
In a requirement notice published on the FCA website yesterday, the regulator has imposed restrictions on Amalgamated Finance Limited’s consumer credit interim permissions. The restrictions relate to regulated bridging only.
It says the firm cannot enter into any regulated consumer credit agreement.
The firm also cannot enforce any existing credit agreements without meeting certain conditions.
The FCA declined to comment further.
A spokesman for Amalgamated Finance says: “This was a voluntary agreement and we were happy to assist the FCA.”
The FCA took over regulation of the consumer credit sector from the Office of Fair Trading in April.