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OFT revokes payday lender’s licence and imposes penalty of over half a million

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  • OFT revokes payday lender’s licence and imposes penalty of over half a million

    The OFT has imposed a £544,505 financial penalty on the online payday lender MCO Capital Limited for breaching the Money Laundering Regulations 2007, including its failure to adequately verify the identities of loan applicants.

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  • #2
    Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

    Anyone any more details on this company?

    Other trading names etc. Cant find them on the register.

    D

    Comment


    • #3
      Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

      Crapquest, Leeds Losers and all other OFT-licensed parasites.... Take note - you may be next. The gloves are off and it's Payback Time.
      Life is a journey on which we all travel, sometimes together, but never alone.

      Comment


      • #4
        Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

        Yes, if would be nice to find that they were the parent company of one of our better known organisations, since they had their license pulled.

        D

        Comment


        • #5
          Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

          Originally posted by davyb View Post
          Yes, if would be nice to find that they were the parent company of one of our better known organisations, since they had their license pulled.

          D
          If they hold a Group Licence, Davy, it would be interesting to establish if this has affected any other lenders under the MCO banner.
          Life is a journey on which we all travel, sometimes together, but never alone.

          Comment


          • #6
            Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

            Trading Name(s) (Current):

            Paycheckcredit
            Popcredit
            Speedcredit

            Hmmm

            Comment


            • #7
              Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

              MCO CAPITAL LTD 06472855
              UK06116007
              SECOND FLOOR 11 PILGRIM STREET MCO CAPITAL LTD
              Second Floor 11 Pilgrim Street
              London
              EC4V 6RN

              LONDON
              EC4V 6RN
              View More
              -
              -
              - No
              15/01/2008 Active - Accounts Filed
              MOBILE CREDIT ONLINE CAPITAL LIMITED Private limited with Share Capital
              23/02/2008 26/01/2012
              £100
              6522 GBP
              OTHER CREDIT GRANTING (NOT ELSEWHERE CLASSIFIED)
              64921
              CREDIT GRANTING BY NON-DEPOSIT TAKING FINANCE HOUSES AND OTHER SPECIALIST CONSUMER CREDIT GRANTORS

              Comment


              • #8
                Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

                Looks like one of the directors is no stranger to having their license queried, like most pdl's, their origins are over the pond.

                • Mr. Gordon John Reykdal


                http://www.consumerprotectionbc.ca/pdf.php?file=37

                D

                Comment


                • #9
                  Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

                  Current Directors

                  Gordon John Reykdal 09/02/1957
                  Mr Canadian
                  4 Director
                  27/05/2011
                  17631-103th Avenue, , Edmonton, T5S 1N8
                  Stefan William Johnson 15/05/1947
                  Mr Canadian
                  1 Director
                  27/05/2011
                  17631-103rd Avenue, , Edmonton, T5S 1N8
                  Current Company Secretary

                  MWLAW SERVICES LTD -
                  British
                  24 Company Secretary
                  15/01/2008
                  Second Floor 11 Pilgrim Steet, , London, EC4V 6RN
                  Top 20 Shareholders

                  RTF FINANCIAL HOLDINGS INC. 100 ORDINARY GBP 1.00

                  Comment


                  • #10
                    Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

                    Gordon Reykdal
                    Mr 09/02/1957
                    No
                    4 0
                    17631-103th Avenue
                    Edmonton
                    Alberta
                    T5S 1N8
                    Current Active Directorships

                    MCO CAPITAL LTD 06472855
                    Active - Accounts Filed Director
                    27/05/11 15/01/08
                    - -£7,214,965
                    0 -
                    60 £500
                    -99.80 %

                    CSF INSURANCE SERVICES LTD 06996553
                    Company not trading Director
                    20/08/09 20/08/09
                    - £1
                    0 -
                    Not Rated -
                    0.00 %

                    THE CASH STORE LTD 06773354
                    Active - Accounts Filed Director
                    15/12/08 15/12/08
                    - -£342,740
                    0 -
                    86 £60,000
                    -1,112.40 %


                    THE CASH STORE FINANCIAL LTD 06773351
                    Active - Accounts Filed Director
                    15/12/08 15/12/08
                    - £1
                    0 -
                    73 £165,000
                    379,567,500.00 %

                    Comment


                    • #11
                      Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

                      http://www2.crw.gov.uk/pr/default.aspx

                      Issued Date: 06-Feb-2008
                      Expiry Date: 06-Feb-2013


                      Legal Formation:

                      Body Corporate (incorporated inside UK)

                      Current Individuals that run the organisation:

                      Name Position
                      Antti Osmo Ritvonen
                      Gordon John Reykdal
                      Stefan William Johnson

                      Historic Individuals that run the organisation:

                      Name Position
                      Tuomo Kari Kustaa Mäki

                      Current Organisations that run the organisation:

                      Name Company Registration Number Position
                      MWLAW Services Limited 4668658
                      OÜ Prossimo Investments Registrikood 11191724

                      Nature of Business:

                      Cheque Cashing Services

                      Current Address(es):

                      Address Type Address
                      Correspondence Grundberg Mocatta Rakison LLP, Imperial House, 15-19, Kingsway, London, WC2B 6UN, United Kingdom
                      Principal Place Of Business Grundberg Mocatta Rakison LLP, Imperial House, 15-19, Kingsway, London, WC2B 6UN, United Kingdom
                      Registered Office 11, Pilgrim Street, London, EC4V 6RN, United Kingdom

                      Historic Address(es):

                      Address Type Address
                      Registered Office Imperial House, 15-19, Kingsway, London, WC2B 6UN, United Kingdom

                      Comment


                      • #12
                        Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

                        about time they should also look into blooming loan companies cold calling (had one this morning and told em to delete my details as I have no intentions on getting credit)
                        been reading horror stories about these PDL's and one Toothfairy seem to be the worse but somehow still manage to trade despite the OFT being told by oodles of peoples
                        sigpic

                        Comment


                        • #13
                          Re: OFT revokes payday lender’s licence and imposes penalty of over half a mill

                          From the current edition of Private Eye.
                          Attached Files

                          Comment

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