Payday lender the Money Shop to refund £15.4m rules FSA
Dollar Financial UK, owner of payday money lender The Money Shop will refund £15.4m to customers as a result of a ruling from the Financial Conduct Authority (FCA).
The watchdog found that a high volume of customers were granted loans they could not afford to pay back. 147,000 customers will receive refunds from the company which has under its umbrella The Money Shop, Payday UK, Payday Express and Ladder Loans.
The FCA said customers were hit by the company’s affordability checks, debt collection and a number of system errors.
The figure marks the third biggest ever refunded by a pay day lender following Read full story ›
Source: The Drum
