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>
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>
The FCA has the same powers as the OFT had to investigate and prosecute offences under the Consumer Credit Act 1974.<\/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>"}
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