The Financial Conduct Authority has fined Banking giant Santander £32.8 Million for serious failings when dealing with its probate and bereavement process. Over 40,000 customers were directly affected because Santander did not transfer funds totalling over £183 million to beneficiaries, when they should have done. The FCA say Santander also failed to […]
Liquidator’s working on behalf of Payday Lender Cash Genie have revealed that there is no money left to pay compensation to customers.
In 2016, Cash Genie entered into a solvent liquidation process and ceased trading. Despite this, the Payday Lender said it still had enough income to repay the £20 million owed to […]
Thousands of homeowners thought they had been saved during the financial crisis, as the government agreed to step in and take over their mortgages. Despite this, some ten years later, thousands of former Northern Rock customers are still stuck with high interest mortgages. These mortgages were taken over by a private equity […]
Payday lenders are being told to proactively compensate former customers, even if it threatens the company with bankruptcy. The regulator is setting out how firms should respond to a surge in complaints over unaffordable lending. It comes after the collapse of Wonga in August, the payday lender famous for its extortionate interest […]
The Financial Conduct Authority announced back in 2017 that they were investigating the motor financing industry, to ensure that consumers were not being caused harm, to understand how finance products were sold and, to see if the market is functioning as well as it could be. In March, the FCA published an […]
Five men have been jailed for a total of nearly 18 years, following a criminal prosecution by the Financial Conduct Authority. They have been found guilty of scamming more than 170 victims out of £2.8 million, in a complex boiler room scam.
The judge said “Some victims lost everything they had” and “their […]
Police have been called in to investigate after a couple from Bristol lose a holiday home and £272,000 in life savings, after the collapse of a £10 million foreign exchange firm. Civil servants, Bryn and Trish Pailing were fortunate enough to retire early and were about to complete the purchase of a […]
Mercantile Claims are representing a number of clients in relation to mis-sold timeshare contracts by Azure Resorts Ltd.
A number of our clients purchased timeshare products with Azure Resorts, which were funded by loan agreements arranged by the resort. The sales company which advised those clients to enter into sizeable and complex loan […]
The Financial Conduct Authority (FCA), along with the Financial Ombudsman Service (FOS), have published joint guidelines on how to deal with Authorised Push Payments (APP) fraud. These guidelines strengthen the authority of FOS and are much needed, as a report by Payment Services Regulator (PSR) discovered an alarming increase in the amount […]
The financial watchdog, the FCA, wants to crack down on high-cost-credit, an issue which effects more than 3 million people in the UK. The Financial Conduct Authority has announced plans to cap fees in the rent-to-own market, where you can but furniture or appliances by way of weekly or monthly payments, at […]