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Bank charges: OFT penalises payday lender MCO

Customers who have had to face loan charges from payday lender MCO Capital may be pleased to hear that the Office of Fair Trading (OFT) has revoked the firm's consumer credit licence and fined it £544,505.

The OFT claimed the business failed to adequately determine the validity of the identities of people who made a loan claim through the company and had breached Money Laundering Regulations 2007.

According to the regulatory body, MCO had been targeted by criminals who made successful applications for loans worth millions of pounds by accessing the personal details of more than 7,000 people.

Furthermore, the lender had written to customers it knew might not have taken out a loan through the company and had asked them for repayment, while ignoring the OFT's demands to stop doing so.

"This financial penalty sends out a strong message that businesses lending to consumers must have adequate anti-money laundering procedures in place," OFT director of credit David Fisher said.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801426757-ADNFCR

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