Jump to content

 

BankFodder BankFodder


fkofilee

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

style="text-align:center;"> Please note that this topic has not had any new posts for the last 668 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

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.

 


 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

Share this post


Link to post
Share on other sites

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.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

Share this post


Link to post
Share on other sites

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


..

Share this post


Link to post
Share on other sites

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.


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...