Car finance provider Moneybarn focuses on future after FCA fine ends investigation into historic issues

The level of fine was reduced after Moneybarn accepted the findings and voluntarily paid more than £30 million in redress to customers potentially affected by its failings.

Moneybarn executives said that the company responded in 2017 to amend its processes to address the concerns raised by the FCA and it completed the full redress programme during 2019.

Shamus Hodgson (pictured), managing director of Moneybarn, said: “Throughout the investigation we worked collaboratively with the FCA. We are happy that all customers potentially affected by these findings have been fully compensated for any detriment they might have suffered.

“The processes we have had in place since 2017 are clear, effective, and appropriate. The FCA has clarified its expectations of lenders in these important aspects of customer treatment, which will provide guidance for all finance companies within the motor industry. As market leaders in this area, we’re proud to set an example for others in the industry to follow.”

Moneybarn provides motor finance for used vehicles and is a subsidiary of Provident Financial, a FTSE 250 company that focuses on supporting consumers who are not served by mainstream lenders. The group has 2.4 million customers across its operations which include Vanquis Bank, Provident home credit and Satsuma.