FCA takes action as payday lender begins liquidation

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By Najiyya Budaly (January 7, 2022, 12:40 GMT) – The city watchdog said on Friday it was working to ensure that customers of OunaPuu Ltd. be treated fairly after the payday lender went into liquidation in December.

The Financial Conduct Authority said it was working with the liquidators of OunaPuu, Harrisons Business Recovery & Insolvency (London) Ltd. to ensure that clients with existing loan agreements are treated fairly.

The high-cost short-term lender, formerly known as Ferratum UK Ltd., went into voluntary liquidation of creditors on December 31. Liquidations, known as CVLs, allow directors of typically small and medium-sized businesses to voluntarily place their business in liquidation to pay their …

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