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in latest clampdown by watchdog on payday lenders
The City watchdog has demanded that an American payday giant operating in Britain opens an office here so it can be monitored more closely. Cash America owns some of the UK’s biggest payday websites including QuickQuid, Pounds To Pocket and QuickQuid FlexCredit. But despite being one of the largest operators it has no offices in the UK. The edict from the Financial Conduct Authority marks the latest step in its clampdown on the payday lending industry and it is thought that a number of smaller operators that are based abroad will also be ordered to open offices in the UK. Cash America president and chief executive Daniel Feehan has told investors: ‘It’s clear that the FCA would prefer us to have an office in the UK and someone there locally that they could correspond with directly.’ He said an office would provide a base for ‘key people’ whose principal task would be to engage in what have become ‘daily’ discussions with the FCA. ................Read more here
Previous News about quickQuid:
Quick Quid sends email threatening to send debt collectors to thousands - LINK HERE
Bolton Wanderers fans protest QuickQuid shirt deal - LINK HERE
Payday loans companies reported to OFT - LINK HERE
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