Payday lender banned by the Financial Conduct Authority

Wage Payment and Payday Loans Limited has been suspended by the FCA 

 
Trading as ‘Payday Overdraft’, 'DoshLoans' and 'WagePayday' the FCA has refused Wage Payment and Payday Loans Limited’s (WPPL) application for authorisation to carry out regulated financial activities such as lending to consumers. WPPL failed to co-operate properly with the Financial Ombudsman Service when complaints were received from customers about the firm.
 
Further to this, the Financial Conduct Authority has banned the company’s sole director and owner Mr Andrew Barry Hart from performing any role in regulated financial services and his status as an approved person. He was branded “not a fit and proper person due to his lack of integrity and competence” by the Government body. 
 
The FCA has also made the decision based upon claims made against Mr Hart in the High Court that he provided false evidence and that he was not a credible witness. 
 
This is the first prohibition of a senior manager for a lack of compliance with regulatory requirements in the consumer credit sector since the FCA took over regulation of consumer credit in April 2014. The company’s website has been removed. 
 
Mark Steward, FCA 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.”