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The FCA fines Vanquis £1,976,000 and orders Vanquis to pay compensation to customers

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The Financial Conduct Authority (FCA) has today imposed a fine of £1,976,000 on credit card lender, Vanquis, for failing to disclose the full price of an add-on product, called Repayment Option Plan (ROP). The firm will also repay an estimated £168,781,000 in compensation which constitutes the amount of the charges not disclosed to customers when they bought the ROP.

 

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