FCA Takes Action As Payday Lender Starts Liquidation

By Najiyya Budaly (January 7, 2022, 12:40 PM GMT) -- The City watchdog said on Friday that it is working to ensure that customers of OunaPuu Ltd. are treated fairly after the payday lender placed itself into liquidation in December.

The Financial Conduct Authority said that it is working with OunaPuu's liquidators, Harrisons Business Recovery & Insolvency (London) Ltd. to ensure that customers with existing loan agreements are treated fairly.

The high-cost, short-term lender, formerly known as Ferratum UK Ltd., was placed into creditors' voluntary liquidation on Dec. 31. The liquidations, known as CVLs, allow directors of usually small and midsized enterprises to voluntarily place their business into liquidation to pay their...

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