View more on these topics

FCA bans payday lender and its director over forged documents

FCA logo glass 2 620x430The FCA has banned a payday loan provider and its director after he submitted evidence to the High Court containing “sham or forged documents”.

The regulator banned Andrew Barry Hart, the sole director and owner of Wage Payment and Payday Loans Limited (WPPL), from performing any role in regulated financial services.

It cancelled WPPL’s interim permission and refused its application for authorisation as well as that of Hart to be an approved person.

In a Decision Notice, the FCA said Hart “took a reckless approach to managing the affairs of WPPL” and pointed to a High Court judgment which found Hart had “advanced what he knew to be a false case, supported by forged or sham documents which, to his knowledge, contained false information, and he was found to have given untrue evidence”.

Decision Notices published in July of this year were referred to the Upper Tribunal (Tax and Chancery Chamber). However, those references have since been withdrawn.

The FCA banned Hart on the grounds that he is not a fit and proper person, due to his lack of integrity and competence. WPPL’s interim permission has been cancelled because the firm has failed to satisfy the threshold conditions regarding appropriate resources and suitability.

This is the first prohibition of a senior manager for a lack of compliance with regulatory requirements in the consumer credit sector since the FCA took over regulation of consumer credit in April 2014.

FCA director of enforcement and market oversight Mark Steward says: “There is no place in an FCA-regulated consumer credit market for firms like WPPL or senior managers, like Mr Hart, who lack the requisite integrity and competence to ensure customers are treated fairly and all relevant regulatory obligations are met.

“We will continue to use our powers to protect consumers and tackle firms who cross the line and senior managers whose failures have caused or contributed to the firm’s failures.”

The further evidence relied upon by the FCA in rejecting those applications includes WPPL’s failure to co-operate properly with the Financial Ombudsman Service in relation to complaints made by customers about the firm.



Precise Mortgages launches new 3-year fix through Buy to Let Club

Precise Mortgages has launched an exclusive limited company buy-to-let three-year fixed rate mortgage through Buy to Let Club. The product is fixed at 3.54 per cent until 31 October 2019 up to 75 per cent LTV. It has an arrangement fee of 1.5 per cent. Early repayment charges are 3 per cent until 31 October […]

One to One: Antony Lark, managing director, Just Mortgages

Increasing headcount by a quarter in one year, launching a partnership with Openwork – and plans to recruit talented people with no FS experience How has business been at Just Mortgages for the year to date? In your opinion, has the Brexit vote had an impact on volumes? Just Mortgages is having a great year. […]

Mortgage borrowing recovers in August, despite flat BTL market

Volumes of homeowner, first-time buyer and home-mover mortgage borrowing were up year-on-year in August, while BTL borrowing fell as tax changes continued to leave an impact. Figures from the Council of Mortgage Lenders showed that, on an unadjusted basis, home-owners borrowed £12.2bn in August, up 14 per cent on July and a jump of 11 […]

The investment clock

While Trump blazes blond in the political foreground, it’s easy to overlook the economic background to the new political dimension of 2017. Political risk will be a feature of the year: the unpredictable and untested Trump administration has already created uncertainty, which is unlikely to diminish, especially if protectionist rhetoric starts to outweigh promises of […]


News and expert analysis straight to your inbox

Sign up

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now