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|FCA authorisation for short-term lender Uncle Buck|
|Monday, 07 March 2016|
Uncle Buck, one of the UK’s leading short term loan providers, has received official authorisation from the Financial Conduct Authority (FCA). The announcement follows an extensive assessment of its business practices and management and the company will now be targeting further growth.
Uncle Buck has been trading since 2004 and has steadily grown the business by providing responsible loans to people who do not have access to mainstream credit. The business has grown from a staff of 12 two years ago to more than 70, with further plans for expansion.
Successfully meeting the FCA’s threshold conditions is an important milestone for the business and Uncle Buck believes that High Cost Short Term Credit (HCSTC) now has an appropriate place as a short term financial product. The company’s continued investment in technology and new products means it is well placed for future growth.
Uncle Buck welcomes the increased regulation of the industry and is delighted to be part of a much healthier sector. The company is pleased to be playing its part in this for the benefit of customers, staff, the regulators, and future investors.
Steve Murray, senior partner at Uncle Buck, said: “This official authorisation of Uncle Buck and its management is a real feather in our cap and we hope it will further increase confidence in the business. Given the increased barriers to sector entry we consider ourselves well placed in a stabilising market to deliver short term financial products within a compliant framework. It’s been a long process and we can now fully focus on growing the business.
“In many ways the regulation has been good for the industry and has helped to improve its reputation as an alternative source of short-term finance to many people.”
Last year Uncle Buck was featured in a ‘fly on the wall’ ITV documentary “Cash in Hand – Payday Loans”. It gave an impartial insight into the day-to-day running of a growing short term lending business and the challenges faced by both customer and lender.
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