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FCA cancels lender’s interim permission and bans director
The Financial Conduct Authority (FCA) has cancelled a payday lender’s interim permission and banned its director due to a lack of “integrity and competence”.
Andrew Barry Hart, sole director, controller and ultimate owner of Wage Payment and Payday Loans Limited (WPPL) – which operated under the trading names 'Payday Overdraft', ‘Wagepayday’ and ‘Doshloans’ – is now forbidden from performing any role in regulated financial services.
The FCA also refused WPPL’s interim permission and confirmed Mr Hart was not an approved person.
Mark Steward, director of enforcement and market oversight, said: “There is no place in an FCA-regulated consumer credit market for firms like WPPL or senior managers, like Mr Hart, who lack the requisite integrity and competence to ensure customers are treated fairly and all relevant regulatory obligations are met.
“We will continue to use our powers to protect consumers and tackle firms who cross the line and senior managers whose failures have caused or contributed to the firm’s failures.”
The FCA initially prohibited Mr Hart and cancelled WPPL’s permission in July 2016 after ruling that he had taken a reckless approach to managing WPPL and complying with regulatory requirements between 1st April 2014 and 28th August 2014.
The regulator claimed that Mr Hart had failed to take reasonable steps to implement appropriate policies and procedures relating to creditworthiness, affordability and forbearance.
Mr Hart was also accused of misleading or treating customers unfairly, disregarding complaints and taking excessive sums out of some customers’ accounts.
The decision was initially referred to the Upper Tribunal, however, those references have since been withdrawn, allowing the FCA to proceed with their enforcement.
The FCA claims that this is the first prohibition of a senior manager for a lack of compliance with regulatory requirements in the consumer credit sector since it assumed regulatory responsibility in April 2014.
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