Credit Cards & Loans
Police to consider further action against Wonga
An investigation by the Financial Conduct Authority last week resulted in the firm being forced to refund £2.6m to around 45,000 customers.
The regulator described the firm’s debt collection practices as ‘unfair and misleading’ after Wonga contacted customers in arrears with letters from non-existent law firms.
The City of London Police said it would wait until the outcome of the FCA investigation before taking any further action and the Guardian reports the force is now considering a criminal enquiry.
Some customers were charged additional fees to cover the cost of sending the letters. The letters were sent between October 2008 and November 2010.
Clive Adamson, director of supervision at the FCA, said last week: “Wonga’s misconduct was very serious because it had the effect of exacerbating an already difficult situation for customers in arrears.
“We are pleased that Wonga has been working with us to put matters right for its customers and to ensure that these historical practices are truly a thing of the past.”
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