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Completely new legislation through the Financial Conduct Authority

Completely new legislation through the Financial Conduct Authority

The regulator reviewed the strategy from the many of the biggest financial institutions, which inevitably lead to ВЈ220 million fine for Wonga, ВЈ15.4 million for Dollar Financial and ВЈ1.7 million for Quickquid. The fines was partially compensated in to the regulator and many amounts was required to refund customers which will n’t have gotten loans in to the spot this is certainly first due to their requirements that are restricted.

The FCA introduced an amount limit in January 2015 to deal with the high interest levels. This limitation in what financial institutions could charge was indeed fixed to 0.8 percent per some time ensured that clients won’t ever have to repay twin whatever they will have really lent.