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To ask the Attorney-General what discussions have taken place between the Financial Conduct Authority and the Serious Fraud Office on the recent finding by that regulator that Wonga sent letters to debtors from non-existent solicitors demanding payment.
To ask the Attorney-General what discussions have taken place between the Financial Conduct Authority and the Serious Fraud Office on the recent finding by that regulator that Wonga sent letters to debtors from non-existent solicitors demanding payment.
The Serious Fraud Office (SFO) has no records of any discussion with the Financial Conduct Authority (FCA) in regard to this matter.
Press statements have been issued by both the FCA and the City of London Police concerning Wonga and their agreement to pay compensation.
If the SFO is approached by any law enforcement or regulatory bodies then any relevant matters will be considered for criminal investigation in line with the SFO's remit to investigate fraud, bribery and corruption.
To ask the Attorney-General what consideration the Serious Fraud Office has given to investigating Wonga, for fraud by false representation under section 2 of the Fraud Act 2006.
To ask the Attorney-General what consideration the Serious Fraud Office has given to investigating Wonga, for fraud by false representation under section 2 of the Fraud Act 2006.
The Serious Fraud Office is aware that City of London Police are reviewing whether a criminal investigation is now appropriate.
To ask the Attorney-General whether the Crown Prosecution Service has been contacted for investigative advice by any police force in England and Wales with regard to the possible criminal liability following the findings by the Financial Conduct Authority that Wonga has been threatening debtors with letters from fake law firms.
To ask the Attorney-General whether the Crown Prosecution Service has been contacted for investigative advice by any police force in England and Wales with regard to the possible criminal liability following the findings by the Financial Conduct Authority that Wonga has been threatening debtors with letters from fake law firms.
The Crown Prosecution Service (CPS) has not yet been approached for investigative advice, by any police force, in respect of possible criminal matters arising from the Financial Conduct Authority investigation of Wonga.
Following the announcement that Wonga would pay £2.6 million in compensation, after sending letters from non-existent law firms to customers in arrears, the CPS Deputy Head of the Specialist Fraud Division contacted the City of London Police, on the 26 June 2014, to enquire whether this matter was being criminally investigated.
City of London Police are the national police lead for serious fraud investigations. They are currently assessing whether the case merits a criminal investigation and have confirmed that they will refer any request for advice to the CPS Specialist Fraud Division.
(4) what requirement will be placed on Wonga to track down the address of each customer due financial compensation for unfair and misleading debt collection practices.
Paul Flynn:
(4) what requirement will be placed on Wonga to track down the address of each customer due financial compensation for unfair and misleading debt collection practices.
Paul Flynn:
The Government has fundamentally reformed regulation of the consumer credit market. The transfer of regulatory responsibility for consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) took effect in April. The FCA has stronger powers and is far better equipped to protect consumers than the OFT.
Wonga has voluntarily agreed to pay compensation totalling more than £2.6 million to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at:
http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq
Had Wonga not agreed, the FCA could have used its powers to impose requirements. Wonga will appoint a skilled person (as specified under section 166 of the Financial Services and Markets Act 2000) to ensure that affected customers receive appropriate compensation.
More generally, the Government has ensured that the FCA has inherited the OFT’s powers (both criminal and regulatory) in relation to misconduct which occurred before 1 April 2014, as well as considerably strengthening the FCA’s powers in relation to misconduct which occurs under the new regulatory regime.
The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.
The FCA has also inherited the OFT’s power to fine, although the OFT’s power to fine under the Consumer Credit Act was limited to fining a firm for breaches of a requirement imposed by the OFT (and the maximum penalty in this regard was £50,000). The Government
has already strengthened the new regime by giving the FCA the ability to impose unlimited fines for breaches of regulatory requirements that take place after 1 April 2014.
Wonga’s appalling deception and dishonesty has been laid bare. May we have a statement from the Chancellor on why that company or any of its directors should ever hold a credit licence again, or is the Government’s priority and focus the protection of Tory party friends and donors?
Wonga’s appalling deception and dishonesty has been laid bare. May we have a statement from the Chancellor on why that company or any of its directors should ever hold a credit licence again, or is the Government’s priority and focus the protection of Tory party friends and donors?
May we have emergency legislation on compensation and compound interest? We should make Wonga pay out not £2.6 million compensation for unfair practice but, at its own outrageous interest rates of 5,853%, £203 trillion. Perhaps then it would understand the misery that it causes.
May we have emergency legislation on compensation and compound interest? We should make Wonga pay out not £2.6 million compensation for unfair practice but, at its own outrageous interest rates of 5,853%, £203 trillion. Perhaps then it would understand the misery that it causes.
Further to the earlier remarks by the Leader of the House, may we have a debate on better regulation and the payday lender parasites, Wonga, whose sending of threatening letters from non-existent law firms to 45,000 customers is nothing short of a disgrace?
Further to the earlier remarks by the Leader of the House, may we have a debate on better regulation and the payday lender parasites, Wonga, whose sending of threatening letters from non-existent law firms to 45,000 customers is nothing short of a disgrace?
The latter part of the hon. Gentleman’s remarks is uncalled for and inaccurate. He knows that. Members on both sides of the House will have been shocked by what they saw and the Financial Conduct Authority has taken important action on the matter. I am not in a position to...
The latter part of the hon. Gentleman’s remarks is uncalled for and inaccurate. He knows that. Members on both sides of the House will have been shocked by what they saw and the Financial Conduct Authority has taken important action on the matter. I am not in a position to...
The hon. Gentleman will recall the steps that were taken in the previous Session to put a cap on payday lending. We responded to some of the issues. It is important for the Financial Conduct Authority to ensure that this perfectly legitimate business is undertaken in a legitimate fashion. When...
The hon. Gentleman will recall the steps that were taken in the previous Session to put a cap on payday lending. We responded to some of the issues. It is important for the Financial Conduct Authority to ensure that this perfectly legitimate business is undertaken in a legitimate fashion. When...
I agree; it was disgraceful. The hon. Gentleman will have heard what I said to other Members about discussing with my colleagues at the Treasury how they might inform the House about the response to that situation. Of course, the case was announced only yesterday by the Financial Conduct Authority,...
I agree; it was disgraceful. The hon. Gentleman will have heard what I said to other Members about discussing with my colleagues at the Treasury how they might inform the House about the response to that situation. Of course, the case was announced only yesterday by the Financial Conduct Authority,...