Tag: Final notice

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Financial Conduct Authority imposes first fine on a claims management company

The UK Financial Conduct Authority (FCA) has published a final notice fining a claims management firm, Professional Personal Claims Limited (PPC), £70,000 for misleading information published on its website and in printed materials. 

In summary, PPC:

– had used the logo of five major banks which the FCA said was likely to mislead its customers into believing they were submitting claims directly to the banks; and

– was sending generic and factually identical complaints to the banks when evidence specific to each client should have been presented.

The FCA has also published a press release.

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Final notice given to Interest Free Loans Limited refusing its application for authorisation (and provides a useful insight of the FCA’s expectations when making an application)

The UK Financial Conduct Authority has published a final notice given on 10 July 2019 to Interest Free Loans Limited refusing its application for permission to (amongst other things) enter into a regulated credit agreement for high-cost short-term credit as lender.

The final notice gives a useful insight into the FCA’s approach when considering an application for authorisation for credit-related regulated activities. For example, it lists the documents sought from the applicant (see paragraph 22) and the kind of information the FCA expects to see in policy and procedure documents (see paragraph 28).