More than 100 jobs have been lost at a loan provider as it collapsed into administration.
Manchester-based Auden Group provides short term (3-12 month) loans of between £200 and £1,000 to customers.
The company is regulated by the Financial Conduct Authority (FDA) and has a £2.7m loan book supporting 4,200 customers.
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Daniel Conway and Geoff Rowley of specialist business advisory firm FRP Advisory were appointed joint administrators of the group on March 23.
FRP said it had been hired after the business' level of lending was not able to sustain its operational cost base.
The joint administrators confirmed that the administration does not change the payment terms and conditions of customers' loans, which remain the same as when they were taken out.
The group also remains subject to the same regulatory rules and requirements as it did prior to its administration.
Auden Group is not accepting applications for loans from new customers.
Mr Conway said: "Auden has been looking to establish itself in the short-term credit market in recent years, but has not reached the scale needed to sustain its operational cost base.
"Our appointment enables Auden Group to continue operating for existing customers as we explore options for the future of the business.
"The terms and conditions of loans made by Auden are unaffected and customers will continue to be able to access their accounts online.
"Customers can contact the customer service team who are on hand to help with any enquiries."
According to its most recently available set of accounts, the group posted a revenue of £15,164 for the 12 months to September 30, 2021, and pre-tax losses of £19.6m.
It has since emerged that the Competition and Markets Authority (CMA) has written a letter to the group over "failing to send out summary of borrowing statements, or notifications that summary of borrowing statements were available" in 2021 and 2022.
The CMA said that 166 customers were affected.
In the letter, the watchdog said: "The provision of summaries of borrowing is an important element of our remedy package following the Payday Lending Market Investigation.
"This measure, in combination with other measures, was designed to encourage borrowers to actively shop around and provide them with comprehensive information about fees and charges.
"Summaries of borrowing are provided at specific points in time in the lending cycle to give borrowers suitable information at key points to allow them to make timely and well-informed decisions.
"Failure by lenders to comply with their legal obligation to provide summaries of borrowing at the specified times may affect decisions about borrowing and can lead to worse outcomes for borrowers.
"The CMA is concerned that borrowers who did not receive summaries of borrowing at the times they should have, in line with the order, did not have all the information they needed to inform their decision-making.
"This is a particular concern, where people have taken out further payday loans without receiving the necessary information.
"As you are aware, article 11.1 of the order prohibits lenders from entering into any payday loan agreement with borrowers in the UK unless a summary of borrowing is properly made available.
"This means that Auden is prohibited from supplying payday loans unless it consistently makes summaries of borrowing available and notifies customers of the availability of summaries of borrowing, in accordance with articles 12 and 13.
"Given this, CMA colleagues have worked with Auden to understand the extent and causes of the recent breaches and the steps that you have taken to put them right."
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