View more on these topics

Payday lender enters liquidation after FCA intervention

UK-Currency-Money-Coin-Pounds-GBP-700x450.jpg

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.

Recommended

China-Asia-Street-Busy-700x450.jpg

‘Bad days coming’ as China market slumps 7%

Chinese markets fell 7 per cent today triggering the temporary suspension of trading and this will not be a stand alone episode, experts warn. Today the Chinese blue-chip CSI 300 index ended down 7 per cent, while the Shanghai Composite Index lost 6.9 per cent following a series of new negative economic data. The losses are being […]

HSBC-Building-Reflection-700.png

Tyrie hits out at HSBC over IT failures

Treasury Committee chair Andrew Tyrie has criticised HSBC over continued problems with its online banking service, suggesting there are “systemic” issues with banks’ IT systems. Personal and business account customers were unable to access their accounts on Monday and Tuesday this week, with services returning last night. Customers of HSBC subsidiary First Direct have not […]

House-Home-Property-Ladder-Mortgage-700x450.jpg

Mortgage approvals rocket by 20%

Total mortgage approvals shot up 20.7 per cent year-on-year in November, according to the latest Bank of England lending figures. There were 121,505 loans approved in November, up from 100,629 a year earlier, the figures show. Mortgage Advice Bureau head of lending Brian Murphy says: “Approvals now stand significantly higher than they did in November […]

Neptune’s Burnett looks beyond Greece

Watch Rob Burnett, manager of the Neptune European Opportunities Fund, discuss the Greek bailout deal and its potential implications for European equities. In the video Rob discusses: Why, with the Greek crisis receding, markets can now focus on Europe’s strong fundamentals The resilience of European markets and why the recovery is on a solid footing […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com