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Payday Lender Sets Up Compensation Pot

The Money Shop has set aside an £18million compensation pot for customers who were wrongly lent money to.

According to various news reports, it is believed the payday lender is preparing to close for good and The Money Shop is writing to its some 2 million customers offering them financial settlements for mis-sold payday loans.

The Money Shop has already started the process of closing some of its branches, reducing from 600 to around 200. Some of the branches have already been sold off to pawnbroker H&T Group and The Money Shop is expected to close the stores it cannot … Read more

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The Ombudsman – Who Do They Work For? The Customer or the Bank?

The Financial Ombudsman Service (“FOS”) is directed to investigate when customers have unresolved complaints against financial institutions. Channel 4’s Dispatches went undercover to investigate allegations that complaints had been handled by officials with inadequate training and that banks had been wrongly favoured over customers.

Dispatches sent an undercover reporter to work as a trainee investigator at the service and some of their discoveries were truly shocking.

Some of the allegations include:

  • Using Google to find out how financial products work.
  • Staff being poorly trained, some with little or no knowledge of how to work a case file.
  • Some staff not
… Read more
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