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Ousted FCA Chief McMillan Joins Payday Lender


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Sky News can reveal that Zitah McMillan, who stepped down as the Financial Conduct Authority's (FCA) communications and international director in December, has joined DFC Global Corp, whose array of financial services operations include The Money Shop, a prominent UK lender.

 

The emergence of her appointment as DFC Global's international chief executive, which was announced internally to staff last month but not otherwise made public, comes on the same day that the FCA issued a further rebuke to the payday lending industry.

 

The regulator said that "too many firms have been failing to meet the requirements to treat customers in arrears fairly" and exposed "unacceptable practices from many lenders, including failures to recognise customers in financial difficulty, failure to direct people to free debt advice and firms offering inflexible repayment options".

 

A former civil servant at the Department for Work and Pensions, Ms McMillan's role excludes DFC Global's operations in the UK, US and Canada, according to the company, encompassing its activities in markets including Finland, Poland and Spain.

 

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Shows how really uncaring he was on behalf of the consumer and didn't have any loyalty in what he was doing. If he had done his job properly he wouldn't have been ditched.

It will have been people like him why consumers never got any satisfaction from that department.

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