Payday lender fined and banned

Payday lender MCO Capital was yesterday fined £544,404 and had its licence revoked by the Office of Fair Trading, after fraudsters impersonated customers seeking loans. The OFT said that MCO had failed to carry out adequate checks on applicants, allowing fraudsters to apply for millions of pounds worth of loans. The firm has had its consumer credit licence revoked, but has 28 days in which to decide to file an appeal.