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Bloomberg
CFO Lending Ltd, a U.K. payday lender, must give back 34 million pounds ($44.4 million) to more than 97,000 customers because of unfair practices, including failing to assess the affordability of loans for clients, according to the U.K. markets regulator.
CFO Lending was ordered to pay the compensation by the Financial Conduct Authority after an investigation showed the firm sent threatening and misleading letters and e-mails to customers, routinely reported inaccurate information about people to credit agencies and misused bank information to take payments without permission, the FCA said Monday. “We discovered that CFO lending was treating its customers unfairly and we made sure that they immediately stopped their unfair practices,†said Jonathan Davidson, FCA director of retail and authorizations supervision, in a statement.