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OFT raps Wonga for shoddy debt collection processes

The Office of Fair Trading has told to improve aspects of its debt collection practices.

The OFT found that the company had wrongly suggested to some customers working in the financial services industry that they may have committed fraud.

It stated that customers with jobs in the public or financial sectors should not find themselves in debt, and that this was stated in their terms of employment.

The letters and emails were sent to customers who had claimed money back from by asking their card providers to reverse a payment made to the company. They were also sent to some clients who had entered into debt management plans. says it plans to appeal the decision. It says although it believes it had grounds to suspect dishonest conduct by the customers to whom letters were sent, they were all sent on isolated occasions more than 18 months ago. says it has put in place procedures to ensure these communications cannot be repeated and that it has provided assurances to the OFT to that effect.


Paragon Group profits 13.4% higher than previous year

The Paragon Group of Companies’ pre-tax profits increased by 13.4% in the six months to March 2012 to reach £44.8m. Paragon Mortgages’ parent advanced £87.2m of new buy-to-let loans in the period and £2m of further advances were made to existing borrowers, compared with £29.6m of new loans and £2.7m of further advances in the […]

Nationwide lending rose, arrears fell and more FTBs were helped

Nationwide boosted its gross lending by 44% in the 12 months to April 4 2012 to reach £18.4bn, up from £12.8bn in the same period in 2011. It helped over 24,000 first-time buyers during the year – a 9% increase on the previous year. The number of group residential mortgage accounts more than three months […]

Know your clients to prevent ID fraud

Identity theft is on the rise. It’s a huge problem for lenders looking to weed out fraud and potentially threatens the security of sensitive data.

Five ways to invest in the connected world

Smart utility metering; fitness trackers; connected cars; smart factories; precision agriculture: the internet of things encompasses myriad applications. But how do you gain exposure – and profit – from this growing trend, asks Neptune fund manager & CTO Ali Unwin. Read more: Important information Investment risks Neptune funds may have a high historic volatility rating […]


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