Linked Data API

Show Search Form

Search Results

64274
star this property registered interest false remove filter
star this property date less than 2014-06-26more like thismore than 2014-06-26
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Wonga more like this
star this property house id 1 remove filter
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, 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. more like this
star this property tabling member constituency Newport West more like this
star this property tabling member printed
Paul Flynn more like this
star this property uin 202726 remove filter
unstar this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2014-07-03more like thismore than 2014-07-03
star this property answer text <p>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.</p><p> </p><p>Wonga has voluntarily agreed to pay compensation totaling more than £2.6m to around 45,000 customers in relation to unfair debt collection practices between 2008 and 2010. The requirement agreed by Wonga is available at <a href="http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq" target="_blank">http://www.fca.org.uk/your-fca/documents/requirement-notices/wonga-group-limited-vreq</a>. 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.</p><p> </p><p>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.</p><p> </p><p>The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.</p><p> </p><p> </p><p>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.</p>
star this property answering member constituency South Northamptonshire remove filter
star this property answering member printed Andrea Leadsom more like this
star this property grouped question UIN
202688 more like this
202724 more like this
202725 more like this
star this property question first answered
less than 2014-07-03T15:49:59.6354425Zmore like thismore than 2014-07-03T15:49:59.6354425Z
star this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
545
unstar this property label Biography information for Paul Flynn more like this