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Payday lender complaints to FOS rocket 75%

The Financial Ombudsman Service says it has seen a 75 per cent year-on-year increase in complaints about payday lenders and is finding in consumers’ favour in nearly three quarters of cases.

FOS says it receives 30 to 40 complaints each month and many of the cases involve the lender’s use of a continuous payment authority, which allows lenders to collect payments directly from a consumer’s bank account.

It has seen a number of payday loan complaints from consumers who say they never even took out the loan in question and it is also coming across situations where fraudsters took out loans in other people’s names.

The latest issue of Ombudsman News says: “Typical problems involve payday lenders trying to take payments unexpectedly – or repeatedly attempting to take payments when the consumer has already explained that they don’t have enough money to cover the debt.

“We also see complaints about unaffordable lending and about the debt recovery methods used by some payday lenders.”


Buxton’s Schroder UK Growth trust handed to Cazenove’s Dean

The board of the £271.9m Schroder UK Growth investment trust has appointed Cazenove’s Julie Dean as the fund’s new manager, while Schroders has agreed to waive its management fee for six months after the transistion. The move comes after current manager Richard Buxton, who also manages the £3.4bn Schroder UK Alpha Plus fund, announced he […]

Hargreaves: Legacy payment ban will not affect us

Hargreaves Lansdown says the Financial Conduct Authority’s decision to impose a sunset clause on all legacy payments between fund managers and platforms will not affect the business. Speaking in response to the FCA’s platform policy statement, published today, Hargreaves chief executive Ian Gorham says the platform had planned for a legacy payment ban. Gorham says: […]

Jupiter to launch equity income fund for Radcliffe and Herbert

Jupiter has unveiled a new global equity income fund for Sebastian Radcliffe and Gregory Herbert. The Jupiter Global Equity Income fund launches on 30 April and aims to achieve a high and rising income with the prospect of capital growth through investing in global equities. Radcliffe manages the £486.6m Jupiter North American Income fund and […]

FCA censures money transfer firm for payment rules breaches

The Financial Conduct Authority has censured money transfer company Horn Express for failing to safeguard and segregate customer funds. Horn Express, formerly known as Qaran Express Money Transfer, would have been fined £136,687 had it not provided evidence of serious financial hardship. The censure is the first time a public sanction has been imposed on […]


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