A payday lender has been refused interim permission and had its director banned. The Financial Conduct Authority (FCA) has banned Andrew Hart, the director, controller and owner, of Wage Payment and Payday Loans (WPPL). The consumer credit firm offered payday loans under the trading names of Payday Overdraft, Wagepayday and Doshloans. Hart has been banned from performing any role in regulated financial services because the FCAsaid he is not a “fit and proper person due to his lack of integrity and competence”.

The FCA found Hart to have taken a reckless approach to managing the affairs of WPPL, failing to address its “unfair and improper practices”. Hart also failed to implement policies and procedures relating to forbearance, creditworthiness and affordability. The firm’s interim permission has been cancelled because it failed to satisfy the threshold conditions regarding appropriate resources and suitability. WPPL is found to have had misleading and unfair communications with its customers. The FCAsaid Hart had also communicated with customers in an aggressive and improper manner.

Investigators found that the firm regularly threatened to take legal action against customers whose loans accounts were in arrears.....Read more here