FCA puts lender on the blacklist

15 April 2016

loanshark The Financial Conduct Authority (FCA) has issued a warning about a company that they believe is carrying out consumer credit activities without their authorisation, as such, they've been blacklisted, which means that you need to approach with caution (or avoid altogether).

Quick All Loans stated on their own website, that they believed in “responsible lending”, while offering unsecured loans for a number of purposes.

That said, the FCA doesn't actually authorise Quick All Loans, and doesn't give permission to do business, even though pretty much all firms who carry out consumer credit activities are required to be authorised by the regulator. When they're not, the alarm bells should start ringing.

"We strongly advise you to only deal with consumer credit firms that are authorised by us, and check the Financial Services Register and Consumer Credit Interim Permission register to ensure they are," said the FCA.

"You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong."

Here's the Financial Ombudsman Service site, for any queries. Also, here's more on the FCA's Financial Services Register, which gives advice on how to avoid scams and dodgy deals.

TOPICS:   Banking   Investments   Loans

1 comment

  • Jessie J.
    They'll be getting a visit from Reddington. #bangbangintotheroom

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