Pro Money Holdings Ltd

The PSA  received 47 complaints from consumers about a competition service charged at £4.50 per week operating on shared shortcode 82225, under the brand name Comphouse Competition (“the Service”).

The Level 2 provider for the Service was Pro Money Holdings Ltd (“the Level 2 provider”). 

This matter was an adjudication by consent, the Level 2 provider accepting that the following breaches of the PSA Code of Practice had occurred:

•    Rule 2.3.3 (charging consumers without evidence of consent)
•    Rule 2.4.2 (marketing to consumers without evidence of consent)
•    Paragraph 4.2.3 (failing to disclose information to PSA)
•    Rules 2.6.1 and 2.6.4 (inadequate complaint handling and consumer refund process)
•    Paragraph 4.2.2 (provision false and/or misleading information to PSA).

The Level 2 provider agreed to the imposition of the following sanctions:

•    a formal reprimand
•    a prohibition on Pro Money Holdings Ltd from involvement in premium rate services for a period of 5 years
•    that Pro Money Holdings Ltd pays refunds, for the full amount spent, to all consumers who have used the service, regardless of whether they have claimed a refund
•    a fine of £50,000.00.