Thursday 26 June 2014

FCA bites into payday lender Wonga

Wonga has been accused of bullying tens of thousands of vulnerable customers by sending fake letters purporting to be from legal and debt collection firms. Their target market is essentially vulnerable customers so it's good that the new payday regulator the FCA is taking things seriously. There is a fine line between poor ethical behaviour and illegal practices and as this is being referred to the police it looks like they're not going to get away with it on a number of accounts - which is good news for their poor (literally) customers.

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