I sent an email to the FCA regarding CFO's practices.

They replied within 2 days with an email pointing me in the direction of the affixed - looks like they're onto CFO in a similar vein to Wonga

Very interesting. It appears that CFO have referred themselves to the FCA.

I wonder if it is anything to do with the Wonga fiasco that they are doing this?

Good news for their customers though as they are stopping all contact until their procedures have been vetted.

Just checked the interim register at the FCA and that provides a link to this decision so it is in the public domain.

http://www.fca.org.uk/your-fca/documents/requirement-notices/cfo-lending-limited-vreq

I imagine they thought they would be clobbered less if they reported themselves rather than the FCA find them later.

It is good news that this is happening, but as usual.. too little too late. So many people would have already gone under - perhaps lost their homes, and even had breakdown of relationships.

Well done Ellen for taking up the banner on this.

 

2.1 CFO shall voluntarily suspend all outbound debt collection activities (including but not

limited to all outbound collection calls, mail, email and text message

communications/campaigns) while it makes any necessary changes to its policies,

procedures and staff incentive schemes to ensure that those activities are conducted in

compliance with the FCA requirements. This suspension will continue until the Skilled

Person has reviewed and recommended that CFO's procedures, policies and schemes

are compliant with the FCA's requirements. For customers who contact CFO about

repayment of monies owed and make an arrangement to pay, CFO will maintain full

records of the correspondence (be it letter, email, text message or telephone

recording), which will be made available to the FCA on a regular basis with a summary

of arrangements made.

 

So, am I reading this correctly, they are not to send out any debt collection letters/emails/texts/emails etc until such times as their practices have been investigated ?

Should I continue to pay CFO IM with a debt management plan.

Should I continue to pay CFO IM with a debt management plan.

Yes, you must continue to make your scheduled payments - if there is any redress due then you will be advised.

Yes, you must continue to make your scheduled payments - if there is any redress due then you will be advised.

I'm also awaiting to see what wonga announce on the 10th, does any know what the criteria will be to have either debt or interest written off

I'm also awaiting to see what wonga announce on the 10th, does any know what the criteria will be to have either debt or interest written off

Nothing has been decided as far as I know. We are hoping that Wonga Victims will let us know as soon as they receive their letters.

Nothing has been decided as far as I know. We are hoping that Wonga Victims will let us know as soon as they receive their letters.

Wonga have emailed me stating that they will clear my debt from 2011 and remove this from my credit file.

Let's hope the likes of CFO LENDING and Quick quid follow suite.

To be fair wonga have been paid several times over the original loan so they have not lost out

If you look at the recent pattern of ombudsman decisions on the FOS website, there are quite a lot related to CFO with virtually all being upheld. I thought minicredit were the worst of all these sharks but reading the stories on here and on the FOS website, this crew are shocking. How they allowed to get away with some of these actions which almost border on the criminal is very disturbing.