Borrowers who took out loans from payday lender Cash Genie have been urged to come forward to claim compensation after the firm went into liquidation.
The company, which offered short-term loans at an annual interest rate of 2,986%, was hit with a £20m compensation bill in July 2015 after it admitted to the financial regulator that it had engaged in unfair lending practices.
More than 92,000 customers were due to be compensated for what the Financial Conduct Authority (FCA) described as serious failings, including charging £50 fees to refer people to its sister debt collection firm, rolling over loans without their consent and using bank details given to other companies in the group to recover money.
On Tuesday, Cash Genie, which is…
Read the full article at: http://www.theguardian.com/money/2016/jan/06/cash-genie-liquidation-payday-lender-borrowers-compensation