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Victory for consumers: unfair payday lender banned from trading

19 Mawrth 2013

Citizens Advice responds to MCO Capital Limited losing credit licence today after OFT action.

Gillian Guy, Chief Executive at national charity Citizens Advice said:

“It is a victory for consumers that this payday lender has been forced to stop trading today. Citizens Advice has helped lots of people who were caused significant distress at the hands of MCO Capital Limited’s unfair practices including those who were chased for loans they never even had.  

“We provided evidence to OFT when it launched its investigation last year and continued to see problems with the lender, so we are pleased they have taken action today.

“We hope the OFT’s current 12 week deadline will put pressure on the industry to clean up its act and treat its customers fairly.”

* The consumer statistics do not include queries on energy or post.

Notes to editors

  1. The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more information in England and Wales see www.citizensadvice.org.uk
  2. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality. For online advice and information see www.adviceguide.org.uk  
  3. Citizens Advice Bureaux in England and Wales advised 2.1 million clients on 6.9 million problems from April 2011 to March 2012. For full 2011/2012 service statistics see: www.citizensadvice.org.uk/press_statistics
  4. Out of 22 national charities, the Citizens Advice service is ranked by the general public as being the most helpful, approachable, professional, informative, effective / cost effective, reputable and accountable (nfpSynergy’s Brand Attributes survey, May 2010).
  5. Most Citizens Advice service staff are trained volunteers, working at around 3,500 service outlets across England and Wales.