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Payday lender money Genie to pay for 20m settlement

By Kevin PeacheyPersonal finance reporter

Payday loan provider money Genie faces a 20m payment bill after recharging clients 50 to move them to your company’s company collection agencies business.

This is one of a number of “unfair” costs and interest levies imposed by the company after it launched last year, the Financial Conduct Authority (FCA) stated.

Money Genie has now agreed utilizing the regulator to pay for compensation to over 92,000 clients.

The financial institution, owned by Ariste Holding, stated no one ended up being open to comment.

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