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legal updates

Some clients may come across finance companies like Reset Finance which offer a large amount of sub prime finance to customers.

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Some clients may come across finance companies like Reset Finance which offer a large amount of sub prime finance to customers. 

Among the products on offer are Payday loans (eg borrow £100 and repay £125 on the next payday) with a 1737% APR, Wonga Case on Demand (eg borrow £100 for 10 days and repay £110) with a 2334% APR.

The Office of Fair Trading have required Reset Finance to

ECSC Group plcMore Secure

On average 55 vulnerabilities are identified daily.

What can I do?

Review your organisations priorities and ask ‘can we afford a breach?’. What do I do during an incident? Who do I involve? When do I involve the ICO?

If you’re unable to answers these questions, you need help from the experts.

  • include the typical APR
  • ensure the APR is given greater prominence than other prescribed information
  • clearly state whether security for a loan may comprise a mortgage or charge on the debtors home.

Dennis ChapmanIn remembrance of Dennis Chapman 1951 -2015Read More by this author

Related Legal Updates

The Motor Ombudsman (TMO) – Is it “fit for purpose”?

It seems TMO never sought to ask that basic question and, by the time the penny finally dropped, the contract with the finance company had taken place more than six years ago

Another victory, but the problem has still not gone away!

The FOS confirmed in the article they had not yet published any final decisions on commission-related complaints.

Consumer Duty – all about good outcomes

The FCA’s website has plenty of information to help firms and they have been discussing the Consumer Duty on their Inside FCA podcasts.

Times of economic hardship lead to more complaints

When every penny counts, customers are more inclined to complain if they think they might get something for nothing.

Mis-selling finance claims – Ignore at your peril!

Data subject access requests and various letters quoting CONC and the Consumer Credit Act are being received requesting lots of documentation to be provided.

FCA adds to “no win, no fee” compensation culture

It was found in a FCA report that car finance consumers may have been overcharged and deceived when arranging their car finance deals.

Your business should have a written complaints procedure

All businesses regulated by the Financial Conduct Authority (FCA) must follow complaint-handling rules.

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