Today: Last Update:


Do you expect to see less or more second charge mortgage lenders in 2018?

FCA cancels payday lender’s interim permission

FCA cancels payday lender’s interim permission

The Financial Conduct Authority (FCA) has decided to cancel the interim permission and ban the sole director of a payday lender.

The regulator has issued a decision noticed to Wage Payment and Payday Loans Limited (WPPL), which trade as Payday Overdraft, Wagepayday and Doshloans, to cancel its interim permission after the lender failed to satisfy its threshold conditions regarding appropriate resources and suitability. 

The FCA also decided to ban WPPL director Andrew Barry Hart, 48, from performing any role in regulated financial services after the regulator found that he was not a fit and proper person as he lacked integrity and competence.

Mr Hart and WPPL, however, dispute the regulator’s decisions and have referred their cases to the Upper Tribunal. Therefore, the decision notices are provisional pending the Tribunal’s determination of Mr Hart and WPPL’s references. 

The regulator alleged that between April and August 2014 Mr Hart took a reckless approach to managing WPPL and complying with its regulatory requirements, and failed to address unfair business practices carried on by the lender.

The FCA also alleged that Mr Hart failed to take reasonable steps to implement appropriate policies and procedures relating to creditworthiness, affordability and forbearance, as well as failing to ensure appropriate systems were in place to communicate with customers.

The regulator claimed that this meant WPPL’s customers were often treated unfairly and were frequently misled, while customer complaints were usually disregarded with excessive sums taken out of some customers’ bank accounts. 

August 2014, WPPL submitted an application for the imposition of requirements on its interim permission. 

Since this date, WPPL has not been permitted to lend to new or existing customers or to engage in any outbound collection of any debts, except in limited circumstances. 

The FCA has now decided to cancel WPPL’s interim permission by issuing a decision notice. 

The tribunal’s decision will be published on its website in due course.


I well omega replica watches removed them, in I below. Those companions call fake rolex watches sounded like a bird chirp. Squeezed between the fragmentation omega replica of the basalt is cold crunching sound rolex replica watches of quicksand. Flat slopes gradually, I came to the edge of breitling replica watches the crater, a cement embankment covered with dark brown on top. I ran over to cartier replica watches see the cement, the steel roof covering the top: This is the beginning of replica watches the 22 century dome structure. It would appear that we have longines replica watches come to the right place. From my u boat replica watches current position.