Wronger Wonga

Tax Research UK:

Paul Mason at Channel 4 News reckoned action could have been taken under the 1970 Administration of Justice Act which says that its an offence to harass people by producing documents that look official but are not.

But actually, I refer back to my comment that this looked to be a fraud, whether criminal or not and suggest that the FCA must have been able to do more even without prosecution. It could have taken action against those responsible by removing their status as ‘fit and proper people’ but I have heard of no such action. It could have reviewed Wonga’s credit licence. It must have power to do that. And it could have pursued lines of enquiry such as that Paul Mason suggests even if a fraud prosecution was not possible. Amd it could have required that the compensation reflect the usurious interest rate Wonga charges its customers by adding such a sum to the late payment of compensation and refunds of overcharges.

I’m still waiting for the “Regulator” to explain how Wonga was treated so lightly.