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Consumer finance

One would think that, after the revelation that more than GBP1,000 million had been collected by form fillers providing entirely unnecessary services for those claiming PPI refunds, the market would have died. Maybe you'd have thought that the action against those pretending to be official websites would have discouraged others from doing something similar. And, of course, there's law that spamming individuals is a crime. Welcome to Magnetise Media Ltd which says it's registered by the Claims Management Regulator and listed by the Ministry of Justice. Hopefully Trading Standards and the Information Commissioner have files, too.

Editorial Staff
BIScom Subsection: 

Sixty-four year old Dharam Prakash Gopee has been convicted of being an illegal money lender. At Southwark Crown Court in London last week he was sentenced to three and a half years in jail. But it's the Financial Conduct Authority's action that makes the case interesting.

Editorial Staff
BIScom Subsection: 

Yes, yes, we know. Commonwealth Bank's got its problems over a failure to properly design and implement an automatic system and for not acting on the reports it did produce. But that's not the only thing bad that's happening down at the bank that has more short-forms of its name than we can keep up with. CBA, Commonwealth, CB, CommBank... so much for the usual rule of construction that if it's called something different, it is something different.

Editorial Staff
BIScom Subsection: 

UK consumer borrowing spurts as consumers treat plastic like cash in their pocket. And the Bank of England fears banks may not be holding enough in reserve to cover losses when the inevitable defaults start to grow. But there is also a change in the psychology of card users.

Editorial Staff
BIScom Subsection: 

More than 15,000 customers of BMW Financial Services, Mini Financial Services and Alphera Financial Services are to be compensated for serious failures in the group's business practices, which caused genuine hardship in some cases, says the Australian regulator, ASIC. The scale of the Order is jaw dropping.

Editorial Staff
BIScom Subsection: 

The Australian Securities and Investments Commission (ASIC), which federally regulates a wide range of businesses, has cancelled the credit licence of S & S Enterprises Pty Ltd, trading as appliance rental business Rent To Own Appliances.

Editorial Staff
BIScom Subsection: 

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