The regulator said Hart, the sole director of Wage Payment and Payday Loans Limited (WPPL), 'lacked integrity and competence' and cancelled WPPL's interim permission because the firm failed to satisfy the threshold conditions regarding appropriate resources and suitability.
This is the first prohibition of a senior manager for a lack of compliance with regulatory requirements in the consumer credit sector since the FCA took over regulation of consumer credit in April 2014.
Mark Steward, FCA Director of Enforcement and Market Oversight, said:
“There is no place in an FCA-regulated consumer credit market for firms like WPPL or senior managers, like Mr Hart, who lack the requisite integrity and competence to ensure customers are treated fairly and all relevant regulatory obligations are met. We will continue to use our powers to protect consumers and tackle firms who cross the line and senior managers whose failures have caused or contributed to the firm’s failures.”
