Australia’s Cash Converters pays $12 million in fines and refunds following ASIC investigation LeapRate

November 09, 2016 BY LeapRate Staff

Australia's Cash Converters pays $12 million in fines and refunds following ASIC investigation

Australia's financial regulator ASIC has announced that, following an ASIC investigation, payday lender Cash Converters will refund $10.8 million to consumers who received small amount loans under approximately 118,000 small amount credit contracts. Cash Converters has also paid a $1.35 million penalty following the issuing of infringement notices by ASIC. ASIC has agreed to accept…

September 19, 2016 BY LeapRate Staff

FCA hits payday firm CFO Lending with £34 million fine for treating customers unfairly

Payday loan firm CFO Lending has entered into an agreement with UK financial regulator the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers. LeapRate readers will recall…

June 02, 2016 BY LeapRate Staff

After Google ad ban, Obama administration looks to regulate Payday lenders

It has been a tough month for Payday loan providers. After Google decided to ban online ads for Payday lenders, comes news that today the US government is looking to unveil new rules to regulate the industry. Some industry observers believe that the 'new rules', if implemented, could drive the lenders out of business entirely,…

May 20, 2016 BY LeapRate Staff

Google bans Payday Loan ads – should Brokers be worried?

Google earns tens, if not hundreds of millions of dollars a year in ad revenue from Retail Forex (and other) brokers. However Google's recent ban on ads from PayDay Loan lenders clearly shows that Google is willing to forego ad revenue in favor of principle. Bart Burggraaf, Managing Partner at MediaGroup Worldwide takes an interesting…

Tag: payday loans