The FCA has no teeth, needs steel dentures

What a week. Two days of South Western Railway disruption (today being the worst with signal failures at Woking and power failures at Raynes Park) and I get an email from the administrators of the now-defunct Wonga to say that any compensation owed will be 4.3p in the pound (a tweet of mine is embedded in that Mirror article – I’m famous – LOL).

I put in my claim many months ago and was told I was owed £593 (rounded up). I was told I’d receive significantly less than this, and it ended up being a measly £25. Twenty-five quid. Which is going to be two months late.

The administrators have put in their own claim – their fees are over £2 million. And I’m willing to bet the directors of Wonga are going to get away with little more than a slap on the wrist for all this mess.

The FCA (Financial Conduct Authority) has a lot of explaining to do as to why these companies aren’t better regulated. But similarly, they’re a bunch of fools. We’re already seeing many big banks increase their standard overdraft rates to 40% APR (equivalent) all because the FCA told them that their current daily charges were unfair.

My own personal authorised overdraft could potentially cost me up to double in fees because of the FCA’s meddling. They’re about to remove the buffer-free zone too. So they’re no longer a stand-out bank – they’re just like any other. Which is a shame.

And I’m still waiting on a good number of former creditors to pay up on PPI. One particular creditor has been delaying for months due to the amount of claims they’re still processing (even after the August 2019 deadline). That said, they told me that I’d still be earning interest on the sum they said they’d pay up until the point the money is released to me.

But it strikes me as hypocritical that banks can get away with delaying payment (or go tits up and expect a bailout from the government using public tax money) when it suits them, but heaven forbid you owe THEM money it can do all manner of things.

The FCA needs a kick up the arse, and some steel dentures in order to be an organisation that gets stuff done. Properly.