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Violation Tracker UK Individual Case

Company: Vanquis Bank Limited
Current Parent Company: Vanquis Banking Group
Parent at the Time of the Penalty Announcement: Vanquis Banking Group
Recap of Ownership Changes: In 2023 Provident Financial changed its name to Vanquis Banking Group.
Penalty: £13,852,000
Year: 2018
Date: 27 February, 2018
Offence Group: consumer-protection-related offences
Offence Type: consumer protection violation
Violation Description: Vanquis paid a £1,976,000 fine and £11,876,000 restitution in settlement of a finding by the FCA that the company mis-sold a credit card payment protection plan by providing inadequate information to customers. The company voluntarily agreed to pay an additional estimated £158,905,000 restitution.
Action Type: agency action
Settlement Type: settlement of FCA Decision
Agency: Financial Conduct Authority
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: publicly traded
Major Industry of Parent: financial services
Specific Industry of Parent: sub-prime lending
Source of Data: (click here)
Source Notes: Including the £11,876,000 restitution in penalty amount because it is ordered in the Final Notice.