Financial Conduct Authority
FCA succeeds in application to Upper Tribunal to strike out P.F. International’s challenge to regulatory decision
The Financial Conduct Authority (‘FCA’) has successfully applied to the Upper Tribunal to strike out an appeal made by P.F International Limited, a franchise of the Kirby Vacuum Company. P.F. International has now exhausted its avenues of appeal. The firm had referred to the Upper Tribunal the FCA’s decision in November 2018 to remove the firm’s permissions for breaching its lending rules.
The Bristol-based firm sold and serviced vacuum cleaners in the South-West of England. Staff of P. F. International went door-to-door using cold call visits and high-pressure sales techniques with vulnerable consumers, in clear violation of a requirement on its permissions and the FCA’s principle of treating customers fairly.
The firm also failed to carry out adequate affordability checks on customers’ ability to repay the credit and entered into credit agreements with customers even though customers had told them that they could not afford to pay.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, yesterday said:
“We intervened early with this firm in order to prevent further harm to vulnerable customers. The firm simply failed to follow our rules and as a result vulnerable customers suffered.
“Firms should look at the action we have taken and ensure that they are treating their customers fairly, particularly if they are vulnerable.”
The Upper Tribunal struck out the firms’ final appeal. As a result of the decision P.F. International will no longer be allowed to conduct any regulated activity, including recovering any regulated debts owed to it.
The FCA worked closely with both Bristol Trading Standards and the National Trading Standards South-West Regional Investigation Team. Collaboration with these bodies played an important role in gathering the evidence needed to prevent consumer harm quickly and effectively.
Notes to Editors
- The FCA issued a First Supervisory Notice on 31 July 2018.
- The FCA then issued a Second Supervisory Notice on 20 November 2018.
- The Upper Tribunal decision(link is external) was published on 8 January 2020.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.
- Find out more information about the Upper Tribunal (Tax and Chancery Chambers)
Latest News from
Financial Conduct Authority
FCA highlights its areas of concern in financial services markets19/02/2020 14:05:00
The Financial Conduct Authority (FCA) has today published its annual Sector Views, an assessment of the risks and potential harm to consumers across financial services markets.
FCA bans motor finance firm’s range of online adverts19/02/2020 10:05:00
The Financial Conduct Authority (FCA) has banned a number of online adverts issued by Rix Motor Company Ltd (Rix).
The FCA fines Moneybarn £2.77m for unfair treatment of customers in arrears17/02/2020 16:20:00
The Financial Conduct Authority (FCA) has today imposed a fine of £2.77 million on car finance provider, Moneybarn Ltd (Moneybarn), for not treating customers fairly when they fell behind with loan repayments while in financial difficulties, between 1 April 2014 and 4 October 2017.
FCA appoints Sheldon Mills as Interim Executive Director of Strategy and Competition17/02/2020 10:38:00
The FCA recently announced the appointment of Sheldon Mills as the Interim Executive Director of Strategy and Competition.
New appointments to the FCA Board announced07/02/2020 10:25:00
The Treasury recently (05 February 2020) confirmed the appointment of two new Non-Executive Directors to the Financial Conduct Authority (FCA) Board.
FCA tells credit card firms to review their approach to persistent debt customers04/02/2020 10:25:00
The Financial Conduct Authority (FCA) has written to credit card firms telling them to review their approach to borrowers who are stuck in persistent debt, where they are paying more in interest, fees and charges than they are paying of their balance.
Information for firms during the Brexit implementation period31/01/2020 14:20:00
On 31 January 2020 at 11pm the UK will leave the European Union (EU) and enter an implementation period, which is due to last until 31 December 2020. During the implementation period, EU law will continue to apply. Firms and funds will continue to benefit from passporting between the UK and EEA. Consumer rights and protections derived from EU law will also remain in place.
Christopher Woolard appointed Interim Chief Executive of the FCA27/01/2020 10:39:00
HM Treasury, following advice of the Board of the Financial Conduct Authority (FCA), has appointed Christopher Woolard as Interim Chief Executive.