We have some exciting news for you! The day has come; we have now received our official authorisation from the Financial Conduct Authority (FCA). This means that the FCA have taken an in-depth look at our business practices and management, and decided that we are worthy of their approval.
We began trading in 2004, and since then we have seen steady growth in our business by providing responsible payday loans to those who don’t have access to mainstream credit. We have grown from having only 12 staff two years ago, to more than 70, and plans for expansion are still on the horizon.
What does this mean for Uncle Buck?
Well, successfully meeting the FCA’s threshold conditions is an important milestone for us, as it demonstrates that High Cost Short Term Credit (HCSTC) has an appropriate place as a short term financial product. This gives us the confidence to be able to continue our investment into technology and new products, making us well placed for future growth!
We welcome the increased regulation of the industry and are delighted to be part of a much healthier sector. Playing a part in this process is likely to benefit, not only our customers, but our staff, the regulators and future investors.
Our founder and managing director, Steve Murray, made the following comment:
“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.”