http://www.fca.org.uk/static/documents/requirement-notices/ahl-vreq.pdf
Looks like the FCA are beginning to show their teeth.
3 issues noted with AHL/Cash Genie.
(a) a systems weakness and other matters that may have allowed unauthorised charges to be applied to AHL customers' accounts;
(b) potential misuse of banking information provided to affiliated websites to repay outstanding debts of existing AHL customers who are in arrears; and
© a number of issues in relation to the refinancing (I.e. rolling over) of customers' loans.
The regulator has instructed CG to carry out a S166, where they have toa ppoint an independent 3rd party to ensure the remediation work is carried out in a fair manner.
CG will undertake
(a) an Investigation to Identify whether or not consumers have been affected by any breaches of contractual and/or regulatory obligations applicable at the relevant time as a result of the Issues Identified In paragraph 1.2 and, If so,
the extent; and
(b) a scheme for assessing the redress that would be appropriate in any Instances of breach