Payday Lender CFO Lending have today agreed to a redress package worth more than £34 million.
In the latest redress package the FCA have agreed with a payday lender, CFO Lending will provide compensation to 97,000 customers (approximately £350 each). The FCA investigation found serious failings in the way that CFO Lending operated dating back to 2009. CFO Lending ceased lending in 2014 whilst the FCA conducted their investigation.
The redress will involve more than £31 million pounds worth of loans being written off of outstanding balances and £2.9 million pounds worth of refunds. CFO Lending also used the names Capital Finance One, PayCFO, Payday First, CFO Resolve, Payday Credit, Flexible First and Money Resolve.
The full report from the FCA can be found here: https://www.fca.org.uk/news/press-releases/payday-firm-cfo-lending-pay-34-million-redress