MCO Fined £544,505, Credit License Revoked by OFT

Source: OFT, 9th August 2012

The Office of Fair Trading (OFT) has imposed a £544,505 financial penalty on the online payday lender MCO Capital Limited (MCO) for breaching the Money Laundering Regulations 2007, including its failure to adequately verify the identities of loan applicants. The OFT has also revoked MCO’s consumer credit licence.