Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
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



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide