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Payday lender enters liquidation after FCA intervention

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Embattled payday lender Cash Genie has entered liquidation following an intervention from the FCA.

Liquidator RSM Restructuring Advisory took over the firm, which is in the process of paying £20m in redress to 92,000 people, yesterday.

The regulator says the liquidation will not affect the payment of redress to customers.

Cash Genie first approached the regulator to confirm it had engaged in unfair practices in July 2014.

At the time, the firm agreed to an independent review of its past business and to carry out a redress scheme.

Subsequently Cash Genie reached a deal with the FCA to provide £10m in redress in addition to £10.3m of fees and interest it had already written off.

The FCA said the firm had refinanced loans undertaken without explicit requests or permissions from customers.

The FCA also found the firm used banking information provided to sister brands txtmecash.co.uk and paydayiseveryday.co.uk to take payment for existing Cash Genie loans without customer consent.

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