Pro Money Holdings Limited has been issued with a formal reprimand and an 8-year ban from the phone-paid services market by the regulator, the Phone-paid Services Authority (PSA).
The company agreed to a five-year prohibition and a £50,000 fine, as well as to pay refunds to all consumers who used the service, in March 2018.
Pro Money Holdings operated the ‘Comphouse Competitions’ service, which charged consumers £4.50 a month via their phone bill. The PSA launched its original investigation into the service having received 46 complaints from consumers.
After being informed that the company had failed to pay the fine and provide refunds, the PSA Tribunal decided to extend the prohibition to 8 years.
The PSA Tribunal found that the company had demonstrated a fundamental disregard for the regulatory process and the PSA Code of Practice, in not complying with the agreed sanctions.
News Source: PSA