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UK FCA places payday lender MMP Financial under administration

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UK FCA places payday lender MMP Financial under administration

The U.K. Financial Conduct Authority placed MMP Financial Ltd. under administration Dec. 9.

MMP Financial, which trades as My Money Partner and Swift Sterling, provides so-called payday loans, which are high-interest loans issued to customers until their next payday or for a period of few months, in the U.K.

Chris Laverty, Trevor O'Sullivan and Helen Dale of Grant Thornton UK LLP were appointed joint administrators of the company, according to the regulator's statement.

The watchdog also placed DJS (UK) Ltd. — another payday lender which trades as PiggyBank — under administration Dec. 5. Shane Biddlecombe and Gordon Johnston at HJS Recovery UK Ltd. were appointed as its joint administrators.

The FCA said both company's existing loan agreements will not be impacted by the administration proceedings but they can no longer issue new loans.