7th Jan 2016
Payday lender Cash Genie has voluntarily entered into a solvent liquidation. This comes a few months after being forced by the Financial Conduct Authority (FCA) to compensate 92,000 customers for what it described as ‘serious failings’ and ‘unfair practices’ dating back to the launch in 2009.
Some of these practices included charging a higher monthly interest rate than stated in the customer contract and charging unfair fees when unauthorised payments were believed to have been taken.
The liquidator has stated that there is enough capital left in the business to redress all affected customers.
If affected, contact the Cash Genie Customer Service team on 0333 366 0023.
More information can also be found by visiting the website for the FCA here http://www.fca.org.uk/news/cash-genie-customers-refund-debt-write-down
In the year to March 2015, the FCA saw 1,157 complaints, of which more than two-thirds were found in favour of the consumer.