Examples cited by the FCA include a customer whose loan was approved despite a bank statement and pay slip showing that in the previous month the equivalent of 97pc of the customers income was spent on online gambling while payments were also made to WPPL and three other payday lenders, as well as a debt collection company.
The customer received another loan of £235, the FCA said, with no evidence to indicate that the firm assessed the affordability of this loan in light of the information contained in [the customers] bank statement.
On another occasion he falsely told a customer that he had obtained a County Court Judgement against them, and added extra fees to their account to cover those fictional costs, the FCA said.
In instance…
Read the full article at: http://www.telegraph.co.uk/business/2016/07/14/city-watchdog-battles-to-ban-reckless-payday-lender/