In September we said that we were aware that Wonga had gone into administration and that due to the nature of the business, there was no protection offered to consumers under the Financial Services Compensation Scheme.
We’ve since been working with the administrators, Grant Thornton, to clarify the impact on the cases we have with us and whether we’d be able to work any new cases brought to us.
Grant Thornton has confirmed that whether claims will be accepted – that is, whether complaints will be upheld and whether someone becomes a creditor – and the amount of redress they will then receive, is now a decision for the administrators. Grant Thornton is writing to potential creditors to explain this and the next steps they’ll need to take.
This means we won’t be able to progress any complaints about Wonga any further, or work any new cases brought to us. As a result, we’ll be transferring complaints about Wonga to Grant Thornton as the administrators. We’ll be writing to individual consumers to explain this and to let them know that they don’t need to do anything further at this stage and that Grant Thornton will get in touch directly.
For further information, please see the FCA website.
19 November 2024
Our Chair has written to the FCA in regards to the consultation on introducing a fee for Claims Management Companies (‘CMCs’)
bringing cases to the Financial Ombudsman Service.
15 November 2024
We launch a ‘Call for Input’ jointly with the Financial Conduct Authority (FCA) to create stability for consumers and businesses.
29 October 2024
This Halloween beware of ‘ghost broker’ deals that are too good to be true or risk being scammed by fraudsters.
