FCA freezes bridging lender
The FCA has banned a bridging lender from taking on any regulated new business until it can prove that it is abiding by strict regulations
The FCA has banned a bridging lender from taking on any new regulated business until it can prove that it is abiding by strict regulations.
Amalgamated Finance Limited has had its consumer credit interim permissions temporarily suspended, meaning that the firm will not be able to enter into any regulated consumer credit agreement, or secure a charge on any customer’s property until further notice.
The FCA also stated that the Manchester-based firm cannot enforce any existing credit agreements without meeting the Regulator’s conditions.
Furthermore, the company has also been restricted on recovering any outstanding debt due under a regulated consumer credit agreement, in accordance with the variations on Amalgamated Finance’s consumer credit licence.
The FCA adopted the case from the OFT after taking over supervision of the sector at the beginning of April.
Source: Bridging & Commercial — https://bridgingandcommercial.co.uk/fca-freezes-bridging-lender