The FCA fines Moneybarn £2.77m for unfair treatment of customers in arrears – others may follow.
Industry News | 17/02/20
The Financial Conduct Authority (FCA) has imposed a fine of £2.77 million on car finance provider, Moneybarn Ltd (Moneybarn), for not treating customers fairly when they fell behind with loan repayments while in financial difficulties, between 1 April 2014 and 4 October 2017. Moneybarn also did not communicate the likely financial consequences of failing to keep up with payments to customers in a way which was clear, fair and not misleading. More than 1,400 customers – many of whom were vulnerable – subsequently defaulted after entering into unsustainable short-term repayment plans.