Liquidators seek to effect redress to customers

FCA is looking for people to pay in the Cash Genie liquidation.

FCA is looking for people to pay in the Cash Genie liquidation.

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Payday lender Cash Genie went into voluntary liquidation some two years ago, but the company in charge of the liquidation is still looking to find former clients.

In 2014, the parent company, Ariste Holding Limited, voluntarily contacted the Financial Conduct Authority and confessed it had engaged in unfair practises and agreed to an independent review of its past business.

Before the FCA got involved with the company, it had written off more than £10.3 million in interest and charges.

Some 76 per cent of the cash owed have already been paid out to customer, but £1.5 million of funds remain unclaimed.

As Cash Genie and its sister company Twyford Developments Ltd (which traded as Carter Forbes) have now gone into liquidation, the official liquidators from RSM are seeking the remaining customers who have not yet come forward for their redress payments.

A partner at RSM and one of the liquidators, Steven Law, said: “In this case Cash Genie has voluntarily entered into a solvent liquidation, meaning there is enough capital left in the business to redress all affected customers.

“We have been working closely with Cash Genie and its sister company and are keen to find and pay those remaining customers.”

The redress package agreed with the FCA consists of a combination of cash refunds and balance write-downs.

Cash Genie has agreed to:

* write off or refund fees and charges which should not have been added to customer accounts;

* write off or refund rollover interest where the firm rolled over customer loans inappropriately;

* refund payments taken without authorisation. In addition, the firm has agreed to write off all outstanding balances on accounts affected by this practise;

* write off or refund interest and fees added to customers’ accounts after the point at which the firm should have provided customers with an annual statement.

If you think you are due a claim, a special, dedicated phone line has been set up to help with claims on 0333 366 0023 between thee hours of 9am and 5pm, Monday to Friday or by e-mailing customeredress@cashgenie.co.uk.