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FCA Forces Vanquis To Repay £168m In Redress (Repayment Option Plan)


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Oh dont forget the £1.9 Million fine they've just been handed...

 

Watch This Space As You Could Be Due A Refund Soon!!

 

The watchdog, which said Vanquis was responsible for “very serious breaches”, has also ordered Vanquis to repay an estimated £168m in compensation which constitutes the amount of the charges not disclosed to customers when they bought the ROP.

 

The ROP was an add-on service to customers which enabled them to take payment holidays over a certain period, if they paid a fee.

 

A payment holiday meant customers could miss one monthly payment out of a 12-month period - and their account would still remain up to date.

 

Vanquis has voluntarily agreed to pay back the interest customers were charged on the ROP before this period, from June 2003 to March 31 2014, because during this time the FCA was not responsible for regulating the consumer credit market.

 

As part of the FCA’s investigation into the bank, it reviewed calls from sales agents. The regulator said that in 100 percent of the calls it reviewed - none explained the full cost of the product to customers.

 

The FCA found that the firm breached principle six (customers’ interests) and seven (communications with clients) of the FCA Principles for Businesses.

 

The regulator added that customers who had this product do not need to do anything - they will be contacted by the firm directly in due course.

 

 

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**Fko-Filee**

Receptaculum Ignis

 

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id put ROP in the title too

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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On a side note - Ive never seen a firm have a 100% failure rate with compliance before...

They are a real special bunch in Bradford & Chatham :p

 

We could do with some help from you.

 

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**Fko-Filee**

Receptaculum Ignis

 

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wonder how this not explaining the ROP card interest charging sits with PPI on credit cards...them not explaining PPI attracts monthly interest too???

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 3 weeks later...

https://uk.finance.yahoo.com/news/provident-financial-repay-170m-customers-new-mis-selling-scandal-085623813.html

 

A second FCA investigation into Provident’s car and van financing arm, Moneybarn, has not yet been resolved.

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