http://www.fca.org.uk/static/documents/requirement-notices/ahl-vreq.pdf

Looks like the FCA are beginning to show their teeth.

3 issues noted with AHL/Cash Genie.

(a) a systems weakness and other matters that may have allowed unauthorised charges to be applied to AHL customers' accounts;

(b) potential misuse of banking information provided to affiliated websites to repay outstanding debts of existing AHL customers who are in arrears; and

© a number of issues in relation to the refinancing (I.e. rolling over) of customers' loans.

The regulator has instructed CG to carry out a S166, where they have toa ppoint an independent 3rd party to ensure the remediation work is carried out in a fair manner.

CG will undertake

(a) an Investigation to Identify whether or not consumers have been affected by any breaches of contractual and/or regulatory obligations applicable at the relevant time as a result of the Issues Identified In paragraph 1.2 and, If so,

the extent; and

(b) a scheme for assessing the redress that would be appropriate in any Instances of breach

Has anyone had any contact from Cash Genie regarding this redress scheme? I see they have stopped offering payday loans - when a company winds down such as this and Minicredit, how are any outstanding complaints with FOS handled? Is there a pot of cash put away to deal with them lol?!

Cash Genie were one of the last PDLs I paid off, it kept rolling over and over and each time I phoned them to pay (I still have notes on them) I was told I had to pay the full loan AND another rollover fee despite paying a rollover fee the day before - in the end I gave in and paid the £150 loan PLUS another £45 on top. I''ve had no contact from them about this and haven't changed my mobile phone in ages....

Funny how these people hound you day and night when you owe them but stay tight lipped when the boot is on the other foot.

Wonga and other PDL companies please take note! I have been 'found' quite easily in the past and should be 'found' again now you owe me.

thanks for reply sillygirl - i d imagine the strategy is now to go out of business without having to pay compensation to those they mis-sold to. Seems very unfair considering the carnage the PDL's have caused - wonder will FCA let them away with it?. Have actually written to FCA re minicredit asking them what arrangements are in place around outstanding complaints with FOS